It is December 31, 2020, and Weber Inc is preparing adjusting entries at the end of the accounting year The company owns two different types of trucks Assume a net income of $80,000 and cash dividends declared and paid of $20,000 for 2020 The company's corporate tax rate is 10 The following situations confront the company accountant a) For each truck, record the required entry to correct retained earnings for prior years, including any income tax effects books are closed Enter an appropriate description when entering the transactions in the journal Dates must be entered in the format dd mmm (ie January 15 would be 15 Jan) Please make sure your final answer(s) are accurate to 2 decimal places Truck 1 cost $57,000 on January 1, 2018 It should be depreciated on a straight line basis over an estimated useful life of 10 years with a $13,000 residual value At December 31, 2020, the accountant discovered that, in error, the truck was never depreciated Books are still open for 2020 therefore the correct current year depreciation expense has already been recorded for 2020 fiscal year Entry to correct the prior period error through retained earnings, including income tax effects prior year books closed Truck 2 cost $53,000 on January 1, 2011 In error, the $53,000 truck cost was expensed in 2011 The truck should be depreciated on a straight line basis over a estimated useful life of 10 years with a $14,000 residual value Books are still open for 2020 therefore the correct current year depreciation expense has already been recorded for 2020 fiscal year Entry to correct the prior period error through retained earnings, including income tax effects prior year books closed b) Assume that there was a balance of $50,000 in opening retained earnings on January 1, 2020 and that Weber Inc follows ASPE Prepare the statement of retained earnings for the year ended December 31, 2020 using the information provided including corrections, if any Please make sure your final answer(s) are accurate to 2 decimal places c) REQUIRED DISCLOSURES The statement of retained earnings requires a supplementary disclosure regarding any prior period correction involving income taxes Report this disclosure below Please make sure your final answer(s) are accurate to the nearest whole number

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It is December 31, 2020, and Weber Inc. is preparing adjusting entries at the end of the accounting year. The company owns two different types

It is December 31, 2020, and Weber Inc. is preparing adjusting entries at the end of the accounting year. The company owns two different types of trucks. Assume a net income of $80,000 and cash dividends declared and paid of $20,000 for 2020. The company's corporate tax rate is 10%. The following situations confront the company accountant.

a) For each truck, record the required entry to correct retained earnings for prior years, including any income tax effects - books are closed. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places.

Truck 1 cost $57,000 on January 1, 2018. It should be depreciated on a straight-line basis over an estimated useful life of 10 years with a $13,000 residual value. At December 31, 2020, the accountant discovered that, in error, the truck was never depreciated. Books are still open for 2020 therefore the correct current year depreciation expense has already been recorded for 2020 fiscal year. Entry to correct the prior period error through retained earnings, including income tax effects - prior year books closed:
Truck 2 cost $53,000 on January 1, 2011. In error, the $53,000 truck cost was expensed in 2011. The truck should be depreciated on a straight-line basis over a estimated useful life of 10 years with a $14,000 residual value. Books are still open for 2020 therefore the correct current year depreciation expense has already been recorded for 2020 fiscal year. Entry to correct the prior period error through retained earnings, including income tax effects - prior year books closed:

b) Assume that there was a balance of $50,000 in opening retained earnings on January 1, 2020 and that Weber Inc. follows ASPE. Prepare the statement of retained earnings for the year ended December 31, 2020 using the information provided including corrections, if any. Please make sure your final answer(s) are accurate to 2 decimal places.

c) REQUIRED DISCLOSURES: The statement of retained earnings requires a supplementary disclosure regarding any prior period correction involving income taxes. Report this disclosure below. Please make sure your final answer(s) are accurate to the nearest whole number.