Brief Exercise 22-7 At January 1, 2017, Concord Company reported retained earnings of $1,956,000. In 2017, Concord discovered that 2016 depreciation expense was understated by $427,000. In 2017, net income was $855,000 and dividends declared were $261,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Concord Company. CONCORD COMPANY Retained Earnings Statement