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Shore Company has a $600,000 balance in Retained Earnings before the following items: a. Shore Co. discovered that it failed to record depreciation in a
Shore Company has a $600,000 balance in Retained Earnings before the following items: a. Shore Co. discovered that it failed to record depreciation in a prior year in the amount of $50,000 c. Net income for the year was $180,000. c. Preferred Stock Dividend declared was $17,500 d. Common Stock Dividend declared was $140,000 Assuming that Shore Co.'s tax rate is 30%, compute the Retained Earnings Balance after considering the impact of the above items
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