Business, 11.06.2020 01:57 msheehan4737

Stellar Corporation began operations on January 1, 2014. During its first 3 years of operations, Stellar reported net income and declared dividends as follows. Net incomeDividends declared2014 $49,500 $ –0–2015 128,600 59,6002016 161,000 58,800The following information relates to 2017.Income before income tax $231,000Prior period adjustment: understatement of 2015 depreciation expense (before taxes) $32,000Cumulative decrease in income from change in inventory methods (before taxes) $44,800Dividends declared (of this amount, $32,000 will be paid on January 15, 2018) $118,400Effective tax rate 40%Prepare a 2017 retained earnings statement for Stellar Corporation. (List items that increase adjusted retained earnings first.)

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Stellar Corporation began operations on January 1, 2014. During its first 3 years of operations, Ste...