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(Retained Earnings Statement)McEntire Corporation began operations on January 1, 2007. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. Net income Dividends declared 2008 133,000 56,800 2009 162,500 57,900 The following information relates to 2010. Income before income tax $241,300 Prior period adjustment: understatement of 2008 depreciation expense (before taxes) $32,300 Cumulative decrease in income from change in inventory methods (before taxes) $42,500 Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2011) $100,000 (a) Prepare a 2010 retained earnings statement for McEntire Corporation. (Enter all amounts as positive amounts and subtract where necessary.) McENTIRE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2010Balance-January 1 as reported $ Correction for depreciation error (net of taxes) Cum. decr. in income from change in inventory methods Balance, January 1, as adjusted Add: Net income Deduct: Dividends declared 100000 Balance, December 31 $(b) Assume McEntire Corp. restricted retained earnings in the amount of $70,000 on December 31, 2010. After this action, what would McEntire report as total retained earnings in its December 31, 2010, balance sheet? Total retained earnings $
