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kindly fill all the blanks. At January 1, 2020, Riverbed Corp. reported retained earnings of $3.1 million. In 2020, Riverbed discovered that 2019 depreciation expense
kindly fill all the blanks.
At January 1, 2020, Riverbed Corp. reported retained earnings of $3.1 million. In 2020, Riverbed discovered that 2019 depreciation expense was understated in error by $487,000. In 2020, net income was $802,000 and dividends declared were $212,000. The tax rate is 25%. Riverbed follows ASPE, and the deferred taxes method of accounting for income taxes. (a) Prepare a 2020 statement of retained earnings for Riverbed Corp. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) RIVERBED CORPORATION Statement of Retained Earnings $ Correction of depreciation error, (net of tax of $ ) + $ Dividends Net income Retained earnings, 12/31/20 Retained earnings, 1/1/20, as adjusted Retained earnings, 1/1/20, as previously reportedStep by Step Solution
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