10. Sjostrom, Inc. had beginning retained earnings of $340,000 on January 1, 2024. During the year, Sjostrom declared and paid $120,000 of cash dividends and earned $170,000 of net income. Prepare a statement of retained earnings for Sjostrom, Inc. for the year ended December 31, 2024. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. Sjostrom, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Prior-period adjustment Dividends declared Retained Earnings, December 31, 2024

10. Sjostrom, Ine had beginning retained eamings of $340,000 on Jaruary 1, 2024. During the year, Sjostrom doclared and paid $120,000 of cash dividends and earned $170.000 of net income, Prepare a satement of retained earnings for Sjostrom, inc. tor the year ended December 31, 2024. Enter any increases in retained easings prior to the suttotal and any decreases to retained earnings below the subtotal