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Prepare a retained earnings statement for the year

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Reference no: EM13527307

On January 1, 2011, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions.

1. Declared cash dividends of $120,000.
2. Corrected overstatement of 2010 net income because of depreciation error $30,000.
3. Earned net income of $350,000.
4. Declared stock dividends of $80,000.

Instructions

Prepare a retained earnings statement for the year.

Reference no: EM13527307

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