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Question 3 Marin Limited is a private corporation reporting under ASPE. At December 31, 2017, its general ledger contained the following summary data: Cost of
Question 3 Marin Limited is a private corporation reporting under ASPE. At December 31, 2017, its general ledger contained the following summary data: Cost of goods sold $1,211,000 Interest expense 37,100 Interest revenue 15,300 Operating expenses 214,000 Retained earnings, January 1 549,300 Sales 1,654,000 Additional information: 1. In 2017, common share dividends of $25,400 were declared on June 30 and December 31. The dividends were paid on July 8, 2017, and January 8, 2018, respectively. 2. The company's income tax rate is 20%. Record the dividend transactions in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit - Determine income tax expense. Income tax expense Prepare a multiple-step income statement for 2017. MARIN LIMITED Income Statement $ $ . $ Prepare a statement of retained earnings for 2017. (List items that increase retained earnings first.) MARIN LIMITED Statement of Retained Earnings
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