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please help asap Wildhorse Corporation is a private company in Canada following ASPE. On December 31,2019 , the company had reported $3,000,000 in retained earnings
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Wildhorse Corporation is a private company in Canada following ASPE. On December 31,2019 , the company had reported $3,000,000 in retained earnings on its financial statements. During the year, Wildhorse had net income of $715,000 and declared cash dividends of $100,000. Also, during the year, Wildhorse made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years' net income by $70,000, before income taxes (tax rate is 25% ). Prepare a 2020 retained earnings statement for Wildhorse Corporation. (List items that increase retained earnings first.) Wildhorse Corporation is a private company in Canada following ASPE. On December 31,2019 , the company had reported $3,000,000 in retained earnings on its financial statements. During the year, Wildhorse had net income of $715,000 and declared cash dividends of $100,000. Also, during the year, Wildhorse made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years' net income by $70,000, before income taxes (tax rate is 25% ). Prepare a 2020 retained earnings statement for Wildhorse Corporation. (List items that increase retained earnings first.)Step by Step Solution
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