At January 1, 2017, Windsor Company reported retained earnings of $1,969,000. In 2017, Windsor discovered that 2016 depreciation expense was understated by $415,000. In 2017, net income was $971,000 and dividends declared were $263,000. The tax rate is 40% Prepare a 2017 retained earnings statement for Windsor Company. WINDSOR COMPANY Retained Earnings Statement