Metlock Corporation began operations on January 1, 2022. During its first 3 years...
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Accounting
Metlock Corporation began operations on January 1, 2022. During its first 3 years of operations, Metlock reported ne income and declared dividends as follows. The following information relates to 2025. Income before income tax $235,200 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 24,500 Dividends declared (of this amount, $24,500 will be paid on Jan. 15, 2026) 98,000 Effective tax rate 20% Prepare a 2025 retained earnings statement for Metlock Corporation. (List items that increase adjusted retained earnings first.)
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