Assume triat in July 31 . Titanic discovered that pror year's depreciation iwas overstated by $70,000. Required: Prepare Titaric's retained earnings stalement, assuming the prior year tax rate was 2146. Assume triat in July 31 . Titanic discovered that pror year's depreciation iwas overstated by $70,000. Required: Prepare Titaric's retained earnings stalement, assuming the prior year tax rate was 2146