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Question - Presented below are the comparative statements for Pannebecker Inc. for the years 2009 and 2010.
2010
2009
Sales
$340,000
$270,000
Cost of sales
200,000
142,000
Gross profit
140,000
128,000
Expenses
88,000
50,000
Net income
$52,000
$78,000
Retained Earnings (Jan. 1)
$125,000
72,000
52,000
78,000
Dividends
(30,000)
(25,000)
Retained Earnings (Dec. 31)
$147,000
The following additional information is provided:
1. In 2010, Pannebecker Inc. decided to switch its depreciation method from sum-of-the-years'-digits to the straight-line method. The assets were purchased at the beginning of 2009 for $90,000 with an estimated useful life of 4 years and no salvage value. (The 2010 income statement contains depreciation expense of $27,000 on the assets purchased at the beginning of 2009.)
2. In 2010, the company discovered that the ending inventory for 2009 was overstated by $20,000; ending inventory for 2010 is correctly stated.
Instructions - Complete the revised income and retained earnings statement for 2009 and 2010 assuming comparative statements. (Ignore income taxes.)
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