Brief Exercise 4-10 Buffalo Corporation has retained earnings of $689,900 at January 1, 2017. Net income during 2017 was $1,529,000, and cash dividends declared and paid during 2017 totaled $80,700. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $87,420 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.) BUFFALO CORPORATION Correction for Overstatement of Expenses in Prior Period Cash Dividends Net Income/ (Loss) Retained Earnings, January 1, as Adjusted Retained Earnings, January 1, as Reported Retained Earnings, December 31 Revenues Total Expenses Total Revenues