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    Retained Earnings Statement

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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.
    Instructions
    Complete the retained earnings statement for the year. (Enter all amounts as positive and subtract where necessary. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
    CASTLE CORPORATION
    Retained Earnings Statement
    For the Year Ended December 31, 2008

    $

    Add:

    Less:
    $

    Balance, December 31 $

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    https://brainmass.com/business/finance/retained-earnings-statement-401161

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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. ...

    Solution Summary

    Retaining earning statements are examined for Castle Corporation. The declared stock dividends are determined.

    $2.19

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