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Letained Earnings ntanic Corporation's net income for the year is $ 5 0 0 , 0 0 0 . On June 3 0 , a
Letained Earnings
ntanic Corporation's net income for the year is $ On June a $ pershare cash dividend was declared for all common stockholders. Common stock in the amount of shares was outstanding at the time. The market price of Titanic's stock at year end is $ per share. Titanic had a $ credit balance in retained earnings at the beginning of the year:
Assume that in July Titanic discovered that prior year's depreciation was overstated by $
Required:
Prepare Titanic's retained earnings statement, assuming the prior year tax rate was
Titanic Corporation
Retained Earnings Statement
For the year ending December
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