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The balance in retained earnings on 1 januar 2010

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1. The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its depreciation expense in prior years by $50,000. Net income for 2010 was $120,000. Prepare the retained earnings statement for 2010.

Reference no: EM131134420

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