Accounting

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  • Answers • 2 pages • 2020
  • Company B began 2013 with a $110,000 balance in retained earnings. The following events occurred during the year: Cash dividends of $18,500 were declared. 4,500 shares of callable preferred stock were recalled and retired for a price of $225 per share. The stock was originally issued for $150 per share. Net income was $550,000. A material error in net income for a previous period was corrected. The correction of the error decreased retained earnings by $18,500 after a related income tax. The fo...
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