ACC545 ACC/545 Week 5 Individual Lee Corporation Equity Scenario - 19384

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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 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.

Solution Description

Depreciation expense understated in 2005

Retained Earnings$15 000

Income Tax Receivable$10 000

ACC545Week5paper (1).xlsx