need help CALDILATOS Exercise 4-12 Concord Corporation began operations on January 1, 2017. During its first 3
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CALDILATOS Exercise 4-12 Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord reported net income and declared dividends as follows: Net Income Dividends declared 2017 $49,200 $-0- 2018 129,000 59,400 2019 160.800 56,400 The following information relates to 2020. Income before income tax $228,600 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $31,000 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $31,000 will be paid on Jan 15, 2021) $115,800 Effective tax rate 20% Prepare a 2020 retained earnings statement for Concord Corporation. (List items that increase adjusted retained earnings first.) CONCORD CORPORATION Retained Earnings Statement yoliy 1 2000:2020ohn Wiley Sons Inc. All Rights Reserved. A Division of John Wilson ![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fa47e93d84_790668fa47e367d1.jpg)
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