Please answer it. Sheffield Co has retained earnings of $715,700 at January...
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Accounting
Please answer it.
Sheffield Co has retained earnings of $715,700 at January 1, 2017. Net income during 2017 was $1,567,700, and cash dividends declared and paid during 2017 totaled $83,500. Prepare a earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $88,840 (net of tax) was charged to maintenance and repairs expense in 2014 (List items that increase retained earnings first.)
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Please answer it. 