Castle Corporation Exercise
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On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions:
1) Declared cash dividends - $120,000
2) Corrected overstatement of 2007 net income because of depreciation error - $30,000
3) Earned net income - $350,000
4) Declared stock dividends - $80,000
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Complete the retained earnings statement for the year.
This solution provides assistance in the Castle Corporation exercise.