Resource: University of Phoenix Material: Lee Corporation Equity Scenario
Review the following Lee Corporation Equity Scenario information.
Prepare journal entries for prior period adjustments and dividends.
Prepare a statement of changes in owner’s equity and accompanying notes appropriate to the section.
Go towww.x-rates.com and use the historic lookup feature to determine exchange rates on 12/31/04, 12/31/05, and 12/1/06 and then compute the necessary foreign currency translation adjustments.
Note. Record the necessary journal entries before attempting to calculate other comprehensive income.
Depreciation expense understated in 2005
Retained Earnings$15 000
Income Tax Receivable$10 000