Prepare a Statement of Retained Earnings in Proper Form for White

Essay

Prepare a statement of retained earnings in proper form for White Corporation for the year ended December 31,20XX,from the following:
$\begin{array}{lr}\text { Retained Earnings, January 1, 20xx } & \$ 5,000 \\\text { Dividends declared during the year } & 1,800 \\\text { Net income for the year } & 4,000 \\\text { Correction of prior year error. purchase } & \\\text { of land recorded as rent expense } & 500\end{array}$