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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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