Bonita Corporation began operations on January 1, 2022. During its first 3 years of operations, Bonita reported net income and declared dividends as follows. Net income Dividends declared 2022 $38,400 $ -0- 2023 120,000 48,000 2024 153,600 48,000 The following information relates to 2025. Income before income tax $230,400 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) Dividends declared (of this amount, $24,000 will be paid on Jan. 15, 2026) 24,000 96,000 Effective tax rate 20% (a) Your Answer Correct Answer Your answer is partially correct. Prepare a 2025 retained earnings statement for Bonita Corporation. (List items that increase adjusted retained earnings first.) Balance, January 1, as Reported Correction for Depreciation Error Balance, January 1, as Adjusted Add : Net Income/(Loss) BONITA CORPORATION Retained Earnings Statement For the Year Ended December 31, 2025