Betty May Bakery, Inc. reported a prior-period adjustment in 2018. An accounting error caused net income of prior years to be overstated by $7,000. Retained Earnings at December 31, 2017, as previously reported, was $43,000. Net income for 2018 was $70,000, and dividends declared were $26,000. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal. Betty May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018, as originally reported Prior-period adjustment Retained Earnings, January 1, 2018, as adjusted Net income for the year Dividends declared Retained Earnings, December 31, 2018