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On January 1, 2015, Eddy Corporation had retained earnings of $650,000. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $120,000.
On January 1, 2015, Eddy Corporation had retained earnings of $650,000. During the year, Eddy had the following selected transactions.
| 1. | Declared cash dividends $120,000. | |
| 2. | Corrected overstatement of 2014 net income because of depreciation error $40,000. | |
| 3. | Earned net income $350,000. | |
| 4. | Declared stock dividends $90,000. |
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The New Yellow Book Government Auditing Standards
Authors: Rebecca A. Meyer
1st Edition
1119784638, 978-1119784630
