At January 1, 2017, Marigold Company reported retained earnings of $2,088,000. In 2017, Marigold discovered that 2016 depreciation expense was understated by $435,000. In 2017, net income was $958,000and dividends declared were $233,000. The tax rate is 40%.

Prepare 2017 retained earnings statement for Marigold Company.

MARIGOLDCOMPANY

Retained Earnings Statement

December 31, 2017

For the Year Ended December 31, 2017

For the Quarter Ended December 31, 2017

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

$

Add

Less

:

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

Add

Less

:

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

Add

Less

:

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

Correction of Depreciation Error

Dividends

Net Income

Retained Earnings, January 1

Retained Earnings, January 1, as adjusted

Retained Earnings, December 31

$