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 following is required:
Prepare the statement of retained earnings for the year ended 2013, and any note disclosures separately.
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