(Answered) On january 1 2010 felter corporation had retained earnings

Accounting

On January 1, 2010, Felter Corporation had retained earnings of $550,000. During the year, Felter had the following selected transactions.

1. Declared cash dividends $120,000.

2. Corrected overstatement of 2009 net income because of depreciation error $40,000.

3. Earned net income $350,000.

4. Declared stock dividends $60,000.

Instructions

Prepare a retained earnings statement for the year.

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