Q3

Question 3 3.5 points Save Answer At the 1st January 2019, the amount of Retained earnings reported by Moon Corporation is $2,700,000. During 2019, Moon Corporation issued common stocks of $980,000, declared and paid cash dividends of $250,000, and declared share dividends of $585,000. The amount of net income of 2019 reported by Moon Corporation is $2,000,000. Moon Corporation was required to make a correction of overstatement of depreciation expenses in prior years of $510,000 (net of tax). Required: How much was the retained earnings reported on 31st December, 2019? (Show your calculations). For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)