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Prepare a retained earnings statement for 2012

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Reference no: EM13510849

Jayleah Company reported retained earnings at December 31, 2011, of $310,000. Jayleah had 200,000 shares of common stock outstanding throughout 2012.

The following transactions occurred during 2012.

1. An error was discovered: in 2010, depreciation expense was recorded at $70,000, but the correct amount was $50,000.

2. A cash dividend of $0.50 per share was declared and paid.

3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.

4. Net income was $285,000.

Instructions

Prepare a retained earnings statement for 2012.

Reference no: EM13510849

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