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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

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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 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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