1) Using the accounts/items shown below, prepare the year-end retained earnings statement for Funky Lighting Co. on December 31, 20X3, according to GAAP format and terminology. The reported retained earnings balance on January 1, 20X3, was $731,000. Assume a 30% income tax rate for both 20X2 and 20X3. Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed.

Treasury stock of $45,100	Loss on sale of investments of $5,500
Overstated expenses in 20X2 of $23,000	Net income of $83,200
Dividends payablepreferred stock of $14,600	Notes payable of $72,000
Cost of goods sold of $237,000	Dividendscommon stock of $39,000