|
The following information is available for Paper Inc.: Beginning retained earnings
|
$600,000
|
|
Cash dividends declared
|
30,000
|
|
Net income for 2014
|
140,000
|
|
Stock dividend declared
|
10,000
|
|
Understatement of last year's depreciation expense
|
30,000
|
Instructions
Based on the preceding information, prepare a retained earnings statement for 2014