Brief Exercise 12.6 Statement of Retained Earnings (L012-5, LO12-6) Salt & Pepper, Inc., had retained earnings at the beginning of the current year of $460,000. During the year, the company earned net income of $250,000 and declared dividends as follows $1 per share for the current-year dividend on the 10,000 shares of preferred stock outstanding. in arrears for one year on the 10,000 shares of preferred stock outstanding. $0.50 per share for the current-year dividend on the 200,000 shares of common stock outstanding. In addition, the company discovered an overstatement in the prior year's net income of $65,000 and corrected that error in the current year Prepare a statement of retained earnings for the year. SALT & PEPPER, INC., Statement of Retained Earnings For Year Ended Retained earnings, beginning of year Retained earnings, beginning of year, as restated Retained earnings, end of year