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Moorman Corporation reports the following information:

Correction of understatement of depreciation expense in prior years, net of tax $ 645,000
Dividends declared 480,000
Net income 1,500,000
Retained earnings, 1/1/12, as reported 3,000,000

Moorman should report retained earnings, 12/31/12, as adjusted at

A) $3,375,000.

B) $4,665,000.

C) $2,355,000.

D) $4,020,000.

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  • Category:- Accounting Basics
  • Reference No.:- M948691

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