On January 1, 2017, Oriole Corporation had retained earnings of $620,000. During the year, Oriole...
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On January 1, 2017, Oriole Corporation had retained earnings of $620,000. During the year, Oriole had the following selected transactions: 1. Declared and paid cash dividends, $256,000. 2. Earned profit before income tax, $800,000. 3. Corrected a prior period error of $92,000, before income tax, which resulted in an understatement of profit in 2016. 4. Reacquired 23,000 common shares for $59,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. 5. Completed a 3-for-1 stock split of the common shares. Oriole has a 35% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2017. (List items that increase retained earnings first.) ORIOLE CORPORATION Statement of Retained Earnings $ > $ $
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