Kamili Company started a business January 1 Year 1, Kamili reported net income of 100,000 and paid cash dividens of 35,000. The following occurred year 2: -purchased 10,000 shares of treasury stock for $20 per share -reissued 3,000 shares of the treasury stock for $25
-reissued 6,500 more shares of treasury stock for $8 per share. -Discovered an error in year 1 books. In year 1 Kamili Company overstated its depreciation expense by $7,500. Net income for Year 2 was $80,000. (Year 2 net income is correct). Cash dividens paid in year 2 were $45,000. The correct retained earnings for year 2 is…..
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Get Help Now!A. 73,500
B. 18,500
C. 90,000
D. 21,500
E. 58,500
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