Covid-19 Company reported retained earnings at December 31, 2020, of $400,000. Covid-19 had 200,000 shares of common stock outstanding throughout 2021.
The following transactions occurred during 2021.
1. An error was discovered; in 2020, insurance expense was recorded at $90,000, but the correct amount was $60,000.
2. A cash dividend of $0.50 per share was declared and paid.
3. A 5% stock dividend was declared and distributed when the market price per share was $18 per share.
4. Net income was $310,000.
Prepare a retained earnings statement for 2021.
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