Question: At January 1, 2017, <a href=Sarasota Company reported retained earnings of $1, 975,000. In 2017, Sarasota…” />

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Question: At January 1, 2017, Sarasota Company reported retained earnings of $1, 975,000. In 2017, Sarasota…
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Show transcribed image text At January 1, 2017, Sarasota Company reported retained earnings of $1, 975,000. In 2017, Sarasota discovered that 2016 depreciation expense was understated by $366,000. In 2017, net income was $885,000 and dividends declared were $232,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Sarasota Company.

At January 1, 2017, Sarasota Company reported retained earnings of $1, 975,000. In 2017, Sarasota discovered that 2016 depreciation expense was understated by $366,000. In 2017, net income was $885,000 and dividends declared were $232,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Sarasota Company.

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