Dole Corporation Is in the Process of Preparing the Statement

Essay

Dole Corporation is in the process of preparing the statement of retained earnings for the annual period ended December 31, 20X4. During the preparation process, the company accountant discovered an error in the 20X2 depreciation. There is a restriction on retained earnings for treasury shares that cost $25,000. You are to complete the following statement by ?lling in the blanks. DOLE CORPORATION Statement of Retained Earnings $\begin{array}{|l|c|}\hline \text { Retained earnings balance, January } 1,20 \times 4 & \$ 180,000 \\\hline\underline{\quad\quad}. \\ \hline \text { Correction of 20X2 Depreciation expense } &\underline{\quad\quad} \\\hline \text { Balance as restated } & 205,000 \\\hline\underline{\quad\quad}&\underline{\quad\quad}\\\hline \text { Total } & 175,000 \\\hline \text { Deduct: } \underline{\quad\quad}& \\\hline \text { On\underline{\quad\quad} (including arrears) } \$ 6,000 & \\\hline \text { On }\underline{\quad\quad}\quad\underline{\quad\quad} & 10,000 \\\hline&\$\underline{\quad\quad}\\\hline\end{array}$