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Business, 07.04.2020 21:32 kingalex7575
Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020.a. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000.
b. A cash dividend of $0.5 per share was declared and paid.
c. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
d. Net income was $285,000.
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Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 sh...
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