Print item Instructions Chart of Accounts Amount Descriptions General Journal Statement of Retained Earnings Instructions General Journal GENERAL JOURNAL Score: 39 DATE ACCOUNTITLE POST REE During an audit of Madison Company's December 31, 2020 records it was discovered that the company did not accurately accrue for $ 12,500 of depreciation expense The accrual of interest expense of $4,500 was also omitted. These errors occurred in 2019 and have a material impact on Madison s financialrecords Madison's net income for the year was $123.000 The company is subject to a 35% tax rate. The company had a retained earnings balance of 5557.500 on January 1 2020 No dividends were paid DEBIT CREDIT 3 Required: S 1 Prepare the necessary journal entries to correct the accounting records of Madison Company's books 2. Prepare the statement of retained earnings for 2020