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| Brandy Corporation’s unappropriated retained earnings at January 1, 2012, was $500,000. For the year ended December 31, 2012, Brandy realized net income per books of $204,000 after deducting federal income tax of $96,000. During 2012, Brandy established a contingency reserve of $112,000. Brandy paid $30,000 in cash dividends during 2012. What amount should appear in the reconciliation Schedule M-2, of Form 1120, as Brandy’s unappropriated retained earnings at December 31, 2012? A. $658,000 B. $562,000 C. $438,000 D. $592,000 |