The following trial balance of Mint Corp. on December 31, 20X1, has been adjusted, except for income tax expense.
TRIAL BALANCE
December 31, 20X1
Debit Credit
Cash $ 600,000
Accounts receivable (net) 3,500,000
Cost in excess of billings
on long-term contracts 1,600,000
Billings in excess of costs
on long-term contracts $ 700,000
Prepaid taxes 450,000
Property, plant, and equipment (net) 1,480,000
Note payable (noncurrent) 1,620,000
Common stock 750,000
Additional paid-in capital 2,000,000
Retained earnings (unappropriated) 900,000
Retained earnings (restricted for
note payable) 160,000
Earnings from long-term contracts 6,680,000
Costs and expenses 5,180,000
$12,810,000 $12,810,000
=========== ===========
Other financial data for the year ending December 31, 20X1:
•Mint uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income purposes. All receivables on these contracts are considered to be collectible within 12 months.
•During 20X1, estimated tax payments of $450,000 were charged to prepaid taxes. Mint has not recorded income tax expense. There were no temporary or permanent differences. Mint's tax rate is 30%.
In Mint's December 31, 20X1, balance sheet, what amount should be reported as total retained earnings?
AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,
.