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Jone Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 215,000, Dividends declared 160,000, Net income
Jone Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 215,000, Dividends declared 160,000, Net income 500,000 and Retained earnings, 1/1/2020, as reported 1,000,000. Jone should report retained earnings, 1/1/2020, as adjusted at:
a.
$1,555,000.
b.
$1,215,000.
c.
$785,000.
d.
$1,000,000.
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