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Leonard Corporation reports the following information for the year 2019:
Correction of overstatement of depreciation expense
in prior years, net of tax $ 1,290,000
Dividends declared $ 960,000
Net income $ 3,000,000
Retained earnings, 1/1/2019, as reported $6,000,000
Leonard Corporation should report retained earnings, 1/1/2019, as adjusted at:
Select one:
a. $6,750,000.
b. $4,710,000.
c. $6,000,000.
d. $7,290,000
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