32) Prepare a statement of retained earnings in proper form for White Corporation for the year ended December 31, 20xx, from the following:

Retained Earnings, January 1, 20xx$2,000

Dividends paid during the year800

Net income for the year3,000

Correction of prior year error. Purchase

of land recorded as rent expense1,000

33) Prepare a statement of retained earnings in proper form for Gray Corporation for the year ended December 31, 20XX, from the following:

Retained Earnings, January 1, 20XX$5,700

Dividends declared during the year400

Net income for the year



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