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Brief Exercise 4-10 Larkspur Corporation has retained earnings of $721,100 at January 1, 2017. Net income during 2017 was $1,

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Answer #1

Retained Earnings, January 01, as reported = $721,100

correction for overstatement of expenses in prior period (net off tax) = $86,370

Retained Earnings, January 01 as adjusted = $807,470

Add: Net Income = $1,562,700

Total = $2,370,170

Less: Cash Dividends = $79,000

Retained Earnings, December 31 = $2,291,170

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