(Answered) Question - at january 1 2017 blue company reported retained

Accounting

Question - At January 1, 2017, Blue Company reported retained earnings of $1,956,000. In 2017, Blue discovered that 2016 depreciation expense was understated by $427,000. In 2017, net income was $855,000 and dividends declared were $261,000. The tax rate is 40%.

Prepare a 2017 retained earnings statement for Blue Company.

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