Retained earnings that are restricted are unavailable for dividends. 1. A correction in income of a prior period involves either a debit or credit to the Retained Earnings account. 2. Prior period adjustments to income are reported in the current year’s income statement. 3. Retained earnings that are restricted are unavailable for dividends. 4. Restricted retained earnings are available for preferred stock dividends but unavailable for common stock dividends. 5. A retained earnings statement shows the same information as a corporation income statement. Business Assignment Help, Business Homework help, Business Study Help, Business Course Help
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