please answer 5 & 6 During your audit of the books of Colorado Corporation for the year endedDecember 31, 2021, you discovered that certain accrued income and expenses wereoverlooked at the end of 2019, 2020 and 2021.Notrecognized201920202021at year endAccruedinterest2,0003,000incomeAccruedsalaries12,0006,000expenseAccruedrent20,000payableNet income500,000 550,000 600,000for the yearRetainedearnings at 8,300,000 8,800,000 9,200,000year endREQUIRED:Based on the foregoing, compute the corrected balances of following:1. Net income for 2019 Select ]2. Net income for 2020 [Select]3. Net income for 2021 Select ]4. Retained Earnings as of December 31, 2019 Select ]5. Retained Earnings as of December 31, 2020 [Select]6. Retained Earnings as of December 31, 2021 Select]<><><><>

Calculation of net income for the year

Answered: 5. Retained Earnings as of December 31,…

Business

Accounting

5. Retained Earnings as of December 31, 2020 [ Select] 6. Retained Earnings as of December 31, 2021 Select] <> <>

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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