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Sheridan Corporation has retained earnings of $716,100 at January 1, 2020. Net income during 2020 was $1,454,700, and cash di

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Answer:

SHERIDAN CORPORATION

Retained Earnings Statement

Fot thr Year Ended December 31, 2020

$
Retained earnings, January 1 as reported 716,100
Correction of overstatement of expenses in prior period (net of tax) 87,070
Retained earnings, January 1, as adjusted 803,170
Add: Net income 1,454,700
2,257,870
Less: Cash dividends 84,000
Retained earnings, December 31 2,173,870

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