Accounting
Salt & Pepper, Inc., had retained earnings at the beginning of the current year of $460,000. During
the year the company earned net income of $250,000 and declared dividends as follows:
• $1 per share for the current-year dividend on the 10,000 shares of preferred stock outstanding.
• $1 per share for the dividend in arrears for one year on the 10,000 shares of preferred stock
outstanding.
• $0.50 per share for the current-year dividend on the 200,000 shares of common stock
outstanding.
In addition, the company discovered an overstatement in the prior year’s net income of $65,000
and corrected that error in the current year. Prepare a statement of retained earnings for the year.
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Please show all work. Thank you in
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