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The Tate Company began 2010 with a Retained Earnings account balance of $180,000. During 2010, the following eight events occurred and were properly recorded by the company:
1. Bonds payable with a face value of $100,000 were issued on January 1 at 98. The bonds mature in 10 years. The bond provisions require the restriction of retained earnings (by means of a note to the financial statements) equal to one-half the face value of the bonds during the period the bonds are outstanding.2. On April 13 the company reissued 2,400 shares of treasury stock for $25 per share. The company had reacquired these shares in 2008 at a cost of $20 per share. At that time, it had restricted retained earnings (by means of a note to the financial statements) in an amount equal to the cost of the treasury shares.3. On January 5 the company recalled and retired 800 shares of $100 par preferred stock at the call price of $120 per share. The stock had originally been issued for $108 per share.4. During June the company declared and issued a two for one stock split on its common stock, reducing the par value from $10 to $5 per share. Immediately prior to the split, 10,000 shares of common stock were outstanding. The stock market price on the date of the split was $25 per share.5. In August the company declared and issued a 15% stock dividend when the common stock was selling at $13 per share.6. During December the company declared and paid its annual $1.30 per share cash dividend on the outstanding common stock.7. Net income amounted to $72,000.8. During the year-end audit, it was found that in 2009 the company had recorded depreciation on a particular machine twice. The error resulted in a $13,000 overstatement of depreciation during 2009. It was also found that, due to an oversight, a $10,000 loss on the sale of land was omitted from the 2009 income statement. Both items are material. The company has been subject to a 30% income tax rate for several years.
Required:Prepare Tate Company's statement of retained earnings and any related notes to its financial statements for the year ended December 31, 2010.
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