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On July 9, 2021, Blossom Enterprises Inc. discovered it had recorded the $65,000 purchase of land as legal expense on November 8, 2020. The
On July 9, 2021, Blossom Enterprises Inc. discovered it had recorded the $65,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $499,000 at its previous year end, December 31, 2020. During 2021, Blossom had profit of $168.000 and it declared and paid cash dividends of $188,000. Blossom has a 25% income tax rate.
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