Eris 347 Pangan wa Prior Period Er L06, 7 Prepare two separate statements of income and comprennen In 2019, the first year of operations for Sprint Co, the company reported net income of $45,000 and declared and paid dividends of $14,000. No other items affected retained earnings in 2019. On December 31, 2019, the company had the following balances in stockholders' equity accounts (other than retained earnings): common stock, S100,000 credit balance, accumulated other comprehensive income, $5,000 debit balance. During 2020, the company reported net income of $88,000, declared and paid dividends of $20,000, and reported a foreign currency translation gain or 58,500 (after tax). Also in 2020, the company discovered that its 2019 deprecia- tion expense was understated by S10,000 before taxes and the amount is material to the tax rate of 25% company. Assume Required 4. Prepare a statement of stockholders' equity for Sprint Co. for the year ended December 31, 2020. b. Prepare a separate statement of retained eamings for the year ended December 31, 2020. Epsom Company purchase Exercise 3-40 Recording a