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  3. corporation a reported retained earnings of $82400

Corporation A reported retained earnings of $8240000 at December 31,2023. In 2024, the company earned...

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Accounting

Corporation A reported retained earnings of $8240000 at December 31,2023. In 2024, the company earned $3 million of profit and declared and paid a $416000 cash dividend. On March 7,2024, Corporation A found an error made in 2023 when it purchased land: the $416000 cost of the land was debited to Legal Expense in error. Corporation A's income tax rate is 30%. How much should Corporation A report on the statement of retained earnings as the adjusted retained earnings balance, JaNuary 1,2024? A.$7948800 B.$8531200 C.$8656000 D.$8240000

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