Reference no: EM132602550
Question - The records of Groot Corp. for calendar 2020 reflected the following correct pre-tax amounts:
Gain from discontinued operations, $50,000;
Cash dividends declared and paid, $45,000;
Retained earnings, January 1, 2020, $275,000,
Correction of accounting error, $35,000 debit;
Income before income taxes and before discontinued operations, $165,000.
The average income tax rate of 40% applies to all items except the dividends.
Required - Calculate the December 31, 2020 ending balance of retained earnings.
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