Prepare a Statement of Retained Earnings in Proper Form for Gray

question 75

Essay

Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31,20XX,from the following:
$\begin{array}{llcc} \text { Retained Earnings, January 1, 20xx } &\$5,700 \\ \text {Dividends declared during the year } &400\\ \text {Net income for the year } &12,000\\ \text {Correction of prior year error, Sales overstated } &3,200\\\end{array}$

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