p23 - Test Bank for Intermediate Accounting, Twelfth...

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Test Bank for Intermediate Accounting, Twelfth Edition 4 - 16 73. Joe Novak Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 215,000 Dividends declared 160,000 Net income 500,000 Retained earnings, 1/1/07, as reported 1,000,000 Joe Novak should report retained earnings, 12/31/07, at a. $785,000. b. $1,125,000. c. $1,340,000. d. $1,555,000. 74. The following information was extracted from the accounts of Boone Corporation at December 31, 2007: CR(DR) Total reported income since incorporation $1,700,000 Total cash dividends paid (800,000) Unrealized holding loss (120,000) Total stock dividends distributed (200,000) Prior period adjustment, recorded January 1, 2007 75,000 What should be the balance of retained earnings at December 31, 2007? a. $655,000. b. $700,000. c. $580,000. d. $775,000. 75. Penn Company reported the following information for 2007: Sales revenue $510,000
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p23 - Test Bank for Intermediate Accounting, Twelfth...

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