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Annie May Bakery, Inc., reported a prior-period adjustment in 2012

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Annie May Bakery, Inc., reported a prior-period adjustment in 2012. An accounting
error caused net income of prior years to be overstated by $10,000. Retained earnings
at December 31, 2011, as previously reported, stood at $47,000. Net income for
2012 was $71,000, and dividends were $29,000.

Requirement

1. Prepare the company’s statement of retained earnings for the year ended
December 31, 2012.

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