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Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 645,000 Dividends declared 480,000 Net income
Leonard Corporation reports the following information:
Correction of overstatement of depreciation expense
in prior years, net of tax $ 645,000
Dividends declared 480,000
Net income 1,500,000
Retained earnings, 1/1/20, as reported 6,000,000
Leonard should report retained earnings, 12/31/20, at
$5,355,000.
$7,020,000.
$6,375,000.
$7,665,000.
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