(Answered) Question - at january 1 2017 vaughn company reported

Accounting

Question - At January 1, 2017, Vaughn Company reported retained earnings of $2,056,000. In 2017, Vaughn discovered that 2016 depreciation expense was understated by $380,000. In 2017, net income was $875,000 and dividends declared were $243,000. The tax rate is 40%.

Calculating a 2017 retained earnings statement for Vaughn Company.

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