Raymond SA has retained earnings of 3,100,000 on January 1, 2017. During the year, Raymond earned 1,200,000

Question:

Raymond SA has retained earnings of €3,100,000 on January 1, 2017. During the year, Raymond earned €1,200,000 of net income. It declared and paid a €130,000 cash dividend. In 2017, Raymond recorded an adjustment of €75,000 due to the overstatement (from mathematical error) of 2016 depreciation expense. Prepare a retained earnings statement for 2017.