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Conner Company had retained earnings of USD 56,000 as of 2009 January 1. In 2009, Conner Company had sales of USD 160,000, cost of goods
Conner Company had retained earnings of USD 56,000 as of 2009 January 1. In 2009, Conner Company had sales of USD 160,000, cost of goods sold of USD 96,000, and other operating expenses, excluding taxes, of USD 32,000. In 2009, Conner Company discovered that it had, in error, depreciated land over the last three years resulting in a balance in the accumulated depreciation account of USD 40,000. The assumed tax rate for Conner Company is 40 per cent. Present in proper form a statement of retained earnings for the year ended 2009 December 31.
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