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Prepare statement of retained earnings for the year ended

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Reference no: EM132498486

On January 1, 2021, Chu Corporation had retained earnings of $ 422,000. During the year, Chu had the following selected transactions:

1. Declared cash dividends of $ 100,000.

2. Suffered a loss of $ 70,000.

3. Corrected understatement of 2020 profit because of an inventory error $ 45,000. The company has a 30% income tax rate.

Required:

Question 1: Prepare statement of retained earnings for the year ended December 31, 2021. in proper format & presentation

Reference no: EM132498486

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