A. Prepare the necessary journal entries at December 31, 2021, to record the above information. B. Prepare new comparative income statements to reflect the adjustments required (1) through (4) above. You may ignore income taxes. C. Retained earnings reported for the end of 2020 was $2,416,500 and at the end of 2019 was $2,112,000. Dividends of $60,000 were declared in each year. Prepare comparative statements of retained earnings for Lancer Company for 2021 and 2020, reflecting appropriate adjustments from items (1)-(4) above, ignoring income taxes.
A. Prepare the necessary journal entries at December 31, 2021, to record the above information. B. Prepare new comparative income statements to reflect the adjustments required (1) through (4) above. You may ignore income taxes. C. Retained earnings reported for the end of 2020 was $2,416,500 and at the end of 2019 was $2,112,000. Dividends of $60,000 were declared in each year. Prepare comparative statements of retained earnings for Lancer Company for 2021 and 2020, reflecting appropriate adjustments from items (1)-(4) above, ignoring income taxes.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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