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ModuleTwo-Chp4HW - tax b-Refund on litigation with...

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Retained Earnings Statement - Acadian Corp. For the Year of 2010 Credit Debit Retained Earnings, Jan 1, 2010 257600 Add: Gain on Sale of Investments (net of tax) 41200 Net Income 84500 25400 151100 408700 Deduct: Loss on Discontinued Operations 35000 Cumulative Effect on Income - LIFO to FIFO 23200 Cash Dividends 32000 90200 Retained Earnings, Dec 31, 2010 318500 omitted from income statement in that year (net of 
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Unformatted text preview: tax) b) -Refund on litigation with government, related to the year 2007, should be shown in a separate section titled "extraordinary item." - Write-off of goodwill (net of tax) should be shown as an irregular item....
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