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Newland Company reported retained earnings at December 31, 2019, of $350,000. The following transactions occurred during 2020 An error was discovered. In 2019, depreciation expense

Newland Company reported retained earnings at December 31, 2019, of $350,000. The following transactions occurred during 2020 An error was discovered. In 2019, depreciation expense was recorded at $45,000, but the correct amount was $25,000. Declared cash dividends $100,000. Declared stock dividends $70,000. Net income was $450,000. Prepare a retained earnings statement

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