(Answered) Question - when preparing the financial statements for the

Accounting

Question - When preparing the financial statements for the year ended December 31, 2015, the controller of XYZ Inc. discovered that the income tax expense for 2012 was understated by $33,000. The controller has also gathered the following information:

Retained earnings at December 31, 2014 $447,800

Cash dividends declared during 2015 45,000

Stock dividends declared during 2015 100,000

Net income for the year ended December 31, 2015 166,120

Prepare a statement of retained earnings for XYZ Inc. for the year ended December 31, 2015.

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