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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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