Business, 19.03.2020 02:16 bNicholson23

Below is the Retained Earnings account for the year 2020 for Metlock Corp. Retained earnings, January 1, 2020 $263,980 Add: Gain on sale of investments (net of tax) $47,580 Net income 90,880 Refund on litigation with government, related to the year 2017 (net of tax) 27,980 Recognition of income earned in 2019, but omitted from income statement in that year (net of tax) 31,780 198,220 462,200 Deduct: Loss on discontinued operations (net of tax) 41,380 Write-off of goodwill (net of tax) 66,380 Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2020 (net of tax) 29,580 Cash dividends declared 38,380 175,720 Retained earnings, December 31, 2020 $286,480. (a)Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2014 to compute net income. (b) State where the items that do not appear in the corrected retained earnings statement should be shown.

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Below is the Retained Earnings account for the year 2020 for Metlock Corp. Retained earnings, Januar...

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