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Prepare a corrected retained earnings statement

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Reference no: EM131922712

Problem - Below is the Retained Earnings account for the year 2012 for Acadian Corp.

Retained earnings, January 1, 2012

$261,302

Add:

Gain on sale of investments (net of tax)

$44,902

Net income

88,202

Refund on litigation with government, related to the year 2009

(net of tax)

25,302

Recognition of income earned in 2011, but omitted from income

statement in that year (net of tax)

29,102

187,508


448,810

Deduct:

Loss on discontinued operations (net of tax)

38,702

Write-off of goodwill (net of tax)

63,702

Cumulative effect on income of prior years in changing from

LIFO to FIFO inventory valuation in 2012 (net of tax)

26,902

Cash dividends declared

35,702

165,008

Retained earnings, December 31, 2012

$283,802

Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2012 to compute net income.

Reference no: EM131922712

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