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Please fill out the blank and show how does it work Flint Corporation began operations on January 1, 2014. During its first 3 years of
Please fill out the blank and show how does it work
Flint Corporation began operations on January 1, 2014. During its first 3 years of operations, Flint reported net income and declared dividends as follows. The following information relates to 2017. Income before income tax $248, 700 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) $31, 800 Cumulative decrease in income from change in inventory methods (before taxes) $35, 200 Dividends declared (of this amount, $31, 800 will be paid on January 15, 2018) $113, 300 Effective tax rate 40 % Prepare a 2017 retained earnings statement for Flint Corporation. (List items that increase retained earnings first. Assume Flint Corporation restricted retained earnings in the amount of $65, 530 on December 31, 2017. After this action, what would Flint report as total retained earnings in its December 31, 2017, balance sheet? Total retained earnings $Step by Step Solution
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