Answer:
Skysong Corporation
Statement of Retained Earnings
Retained earnings balance January 1, 2020 $691,300
Add:
Adjustments to 2019 Income Statement $88,390
Net profits 2020 $1,552,100
Less:
<u>Dividends declared and distributed ($82,000) </u>
Retained earnings balance December 31, 2020 $2,249,790
Since the land purchase was recorded as maintenance expense by error, the 2019 income statement must be adjusted by adding that amount.
Answer: B
Explanation: I am pretty sure the answer is going to B, accounting is a profession that requires a lot of math
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Answer:
C) $120,000
Explanation:
Since Copper corporation owns 65% of Bronze Corporation, its dividends received deduction (DRD) is 80% of the dividends received.
- stake at another corporation is less than 20%, DRD = 70%
- stake at another corporation is between 20% to 80%, DRD = 80% (Copper's case)
- stake at another corporation is higher than 80%, DRD = 100%
Therefore, if Copper received $150,000 in dividends from Bronze, it can deduct 80% of that amount = 80% x $150,000 = $120,000
