Portman Corporation has retained earnings of $768,940 at January 1, 2012. Net in

Question

Portman Corporation has retained earnings of $768,940 at January 1, 2012. Net income during 2012 was $1,615,070, and cash dividends declared and paid during 2012 totaled $75,170. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $80,120 (net of tax) was charged to repairs expense in 2009. (Enter all amounts as positive amounts and subtract where necessary.)

For the Year Ended December 31, 2012

$

PORTMAN CORPORATION Retained Earnings Statement

For the Year Ended December 31, 2012

$

Add:

Less:

$

Portman Corporation has retained earnings of $768,940 at January 1, 2012. Net income during 2012 was $1,615,070, and cash dividends declared and paid during 2012 totaled $75,170. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $80,120 (net of tax) was charged to repairs expense in 2009. (Enter all amounts as positive amounts and subtract where necessary.)

Explanation / Answer

Portman Corporation has retained earnings of $768,940 at January 1, 2012. Net in

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