accounting 243936

5 Blake Corporation
The following account balances were selected from the records of Blake Corporation
as of December 31, 2004 after all adjusting entries were completed:
Common Stock ( par value $15; authorized 100,000 shares,
issued 35,000 shares of which 1,000 shares are held as
treasury stock $525,000
Paid in Capital in excess of par 180,000
Dividends declared in 2004 18,000
Dividends declared in 2003 and paid in 2004 15,000
Retained Earnings, January 1, 2004 76,000
Correction of a prior period accounting error (debit net of
taxes) 8,000
Treasury Stock 20,000
Net income for 2004 28,000
The president of Blake Corporation accountant has quit and Peoples Consulting Firm
has been asked to prepare the statement of retained earnings and the stockholders’
equity section of the balance sheet for the year ended December 31, 2004.

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