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please show me all your work and show on how you depreciation expense and ending retained earning. It is February 2017, and you have been
please show me all your work and show on how you depreciation expense and ending retained earning.
It is February 2017, and you have been provided with the following information for a Company's year ended December 31, 2016: Opening retained earnings Net income before taxes Dividends declared Dividends paid 3,000,000 300,000 30,000 15.000 You have also been informed that on September 30, 2014, betterment of $50,000 on a machine was expensed on the income statement when it should have been amortized using the straight- line method on the basis of half-year rule, five-year useful life and Snil residual value. Required: Based on above and assuming that 30% tax rate is applicable to the Company, prepare the Company's Statement of Retained Earnings for the year ended December 31, 2016. Sook opy Step by Step Solution
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