Use the information in BE4-17 to prepare a statement of retained earnings for Global Corporation, assuming that

Question:

Use the information in BE4-17 to prepare a statement of retained earnings for Global Corporation, assuming that in 2017, Global discovered that it had overstated 2014 depreciation by $40,000 (net of tax).

In BE4-17

Global Corporation prepares financial statements in accordance with ASPE. At January 1, 2017, the company had retained earnings of $1,038,000. In 2017, net income was $335,000, and cash dividends of $70,000 were declared and paid. Prepare a 2017 statement of retained earnings for Global Corporation.

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...