(Solution Download) IFlash Inc was set to report the following statement of


iFlash, Inc., was set to report the following statement of retained earnings for the year ended December 31, 20X1.
iFlash, Inc.
Statement of Retained Earnings
Year Ended December 31, 20X1
Retained earnings, December 31, 20X0 ................ $140,000
Net income for 20X1 ............................................ 91,000
Dividends for 20X1............................................... (14,000)
Retained earnings, December 31, 20X1 ................ $217,000
Before issuing its 20X1 financial statements, iFlash learned that net income of 20X0 was overstated by $16,000. Prepare iFlash's 20X1 statement of retained earnings to show the correction of the error-that is, the prior-period adjustment.

 







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