Question
ConcordCorporation began operations on January 1, 2017. During its first 3 years of operations,Concordreported net income and declared dividends as follows: Net income Dividends declared
ConcordCorporation began operations on January 1, 2017. During its first 3 years of operations,Concordreported net income and declared dividends as follows:
Net income
Dividends declared
2017$49,200$ -0-2018129,00059,4002019160,80056,400
The following information relates to 2020.
Income before income tax$228,600 Prior period adjustment: understatement of 2018 depreciation expense (before taxes)$31,000 Cumulative decrease in income from change in inventory methods (before taxes)$45,000 Dividends declared (of this amount, $31,000will be paid on Jan. 15, 2021)$115,800 Effective tax rate 20%
Prepare 2020 retained earnings statement forConcordCorporation.(List items that increase adjusted retained earnings first.)
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