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Create statement of retained earnings for Novak Corporation

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Reference no: EM132829405

Question - Novak Corporation prepares financial statements in accordance with ASPE. At January 1, 2020, the company had retained earnings of $1,440,000. In 2020, net income was $320,000, and cash dividends of $40,000 were declared and paid.

Create the statement of retained earnings for Novak Corporation, assuming that in 2020, Novak discovered that it had overstated 2017 depreciation by $36,000 (net of tax of $17,000).

Reference no: EM132829405

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