Use the information in BE4-14 to prepare a statement of retained earnings for Global Corporation, assuming that

Question:

Use the information in BE4-14 to prepare a statement of retained earnings for Global assuming that in 2014, Global discovered that it had overstated 2011 depreciation by $25,000 (net of tax).
In BE4-14
Global prepares in accordance with ASPE. At January I, 2014, the company had retained earnings of $529,000. In 2014, net income was $1,646,000, and cash dividends of $660,000 were declared and paid. Prepare a 2014 statement of retained earnings for Global Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...