Marsh Corporation records show the following at December 31, 2003:
|
Extraordinary loss (net of tax). |
$(50,000) |
|
Cash dividends declared during 2003 |
30,000 |
|
Stock dividends issued during 2003 . |
14,000 |
|
January 1, 2003, retained earnings balance. |
690,000 |
|
Prior period adjustment (net of tax) |
(36,000) |
|
Net income before extraordinary items and taxes (assume a 40% tax rate) |
160,000 |
Prepare a 2003 statement of retained earnings.