Reference no: EM132406863
Question
The Eddie Zambrano Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Eddie Zambrano reported net income and declared dividends as follows:
Net income Dividends declared
2017 $40,000 $0
2018 125,000 50,000
2019 160,000 50,000
The following information is for 2020:
Income before income tax $240,000
Correction of prior period error: understatement of 2018 depreciation expense (before tax) 25,000 Cumulative increase in prior years' income from change in inventory method (before tax) 35,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2021)100,000Effective tax rate 40%
Prepare a 2020 statement of retained earnings for Eddie Zambrano Corporation.
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