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Exercise 4-12 (Part Level Submission) Teal Corporation began operations on January 1, 2014. During its...

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Accounting

Exercise 4-12 (Part Level Submission)

Teal Corporation began operations on January 1, 2014. During its first 3 years of operations, Teal reported net income and declared dividends as follows:

Net income

Dividends declared
2014 $45,600 $ 0
2015 134,600 55,900
2016 165,000 51,200

The following information relates to 2017:

Income before income tax $221,600
Prior period adjustment: understatement of 2015 depreciation expense (before taxes) $33,700
Cumulative decrease in income from change in inventory methods (before taxes) $36,200
Dividends declared (of this amount, $33,700 will be paid on January 15, 2018) $107,100
Effective tax rate 40

%

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Prepare a 2017 retained earnings statement for Teal Corporation. (List items that increase adjusted retained earnings first.) TEAL CORPORATION Retained Earnings Statement

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