Skysong Corporation has retained earnings of $691,300 at January 1, 2020. Net income during 2020 was $1,552,100, and cash dividends declared and paid during 2020 totaled $82,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,390 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)

                               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:

Dividends declared and distributed                            ($82,000)

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.

​participate in networking opportunities that allow you to get to know potential clients, other entrepreneurs, influential people in your community, etc. focus on doing everything you can to cultivate posting word of mouth advertisin