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  3. 2.newland company reported retained earnings at de

2.Newland Company reported retained earnings at December 31, 2018, of $350,000. The following transactions occurred...

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Accounting

2.Newland Company reported retained earnings at December 31, 2018, of $350,000. The following transactions occurred during 2019.

An error was discovered. In 2017, depreciation expense was recorded at $45,000, but the correct amount was $25,000.

Declared cash dividends $100,000.

Declared stock dividends $70,000.

Net income was $450,000.

From the given information, choose the correct answer.

a-The correction of 2017 net income is:

a.

$45,000

b.

$25,000

c.

$20,000

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