Current Attempt in Progress Crane Corporation is a private company in Canada following ASPE. On...
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Current Attempt in Progress Crane Corporation is a private company in Canada following ASPE. On December 31, 2019, the company had reported $2,800,000 in retained earnings on its financial statements. During the year, Crane had net income of $800,000 and declared cash dividends of $140,000. Also, during the year. Crane made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years' net income by $80,000, before income taxes (tax rate is 25%). Prepare a 2020 retained earnings statement for Crane Corporation. (List items that increase retained earnings first.) Crane Corporation Statement of Retained Earnings
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