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Good day tutor,
I have a question about the retained earnings figure in the September/ Dec 2017 paper, question 2a. The adjustment to retained earnings only includes the proceeds of the EV clubs sale, and not the revised earnings figure. Why is that so? Would it be wrong to adjust the retained earnings based on the new earnings figure?
With regard to the SOFP, the CEO wants to know the immediate impact on the SOFP, and so there is no immediate change to the retained earnings.
The other changes only impact the Year 1 forecast EPS
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