4 A B \begin{tabular}{l|l|l|l} C & D & E & F \end{tabular} G 1 Function: SUM; Formula: Multiply, Subtract; Cell Referencing 2 3 Using Excel to Prepare a Statement of Retained Earnings PROBLEM On March 1, 2024, Baylee Inc. discovered that the cost of Land purchased in 2023 was erroneously recorded as rent expense. The company's year end is December 31. The company reports under ASPE, prepare a statement of retained earnings. Information from the company's accounting recorded is presented here. Cost of land recorded as rent expense Retained earnings reported at December 31, 2023 Profit for year ended December 31, 2024 Dividends declared and paid during 2024 Income tax rate $10,000 154,000 78,000 35,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. Prepare a statement of retained earnings under ASPE. Baylee Inc. Statement of Retained Earnings Year Ended December 31, 2024