Vaughn Ltd. has retained earnings of NT$702,500 at January 1, 2022. Net income during 2022 was NT$1,426,500, and cash dividends declared and paid during 2022 totaled NT$83,200. Prepare a retained earnings statement for the year ended December 31, 2022. Assume an error was discovered: Land costing NT$89,590 (net of tax) was charged to repairs expense in 2021. (List items that increase retained earnings first.)

Current Attempt in Progress Your answer is partially correct. Vaughn Ltd. has retained earnings of NT$702,500 at January 1, 2022. Net income during 2022 was NT$1,426,500, and cash dividends declared and paid during 2022 totaled NT$83,200. Prepare a retained earnings statement for the year ended December 31, 2022. Assume an error was discovered: Land costing NT$89,590 (net of tax) was charged to repairs expense in 2021. (List items that increase retained earnings first.) VAUGHN LTD Retained Earnings Statement December 31, 2022 Retained Earnings, January 1, as Reported NT$ 702.500 Net Income /(Loss) 1,426,500 2,129,000 Add Correction for Overstatement of Expenses in Prior Period 89.590 2218580 Less : Cash Dividends 83,200 Retained Earnings, December 31 NT$ 2301790 e Textbook and Media Save for Later Attempts: 1 of 2 used Submit