Question

Coronado Corporation has retained earnings of $723,800 at January 1, 2020. Net income during 2020 was $1406,200, and cash dividends declared and paid durine 2020 totaled $79,200. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,860 (net of tax) was charged to maintenance and repairs expense in 2019. (List Items that increase retained earnings first) support CORONADO CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1, as Reported 723800 1406200 Add Net Income/Loss) 79200 1 Less : Cash Dividends Retained Earnings December 31 e Textbook and Media Attempts: 1 of 2 used Sub

Answer 1

CORONADO CORPORATION
Retained Earnings Statement
For the Year Ended December 31, 2020
Retained Earnings, January 1, as reported	723,800
Prior period adjustment	89,860
Retained earnings, adjusted	813,660
Add: Net income	1,406,200
	2,219,860
Less: Cash dividends	-79,200
Retained Earnings, December 31	2,140,660

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