CALCULATOR FULL SCREEN PUNTER VERSION ME T Brief Exercise 22-7 At January 1, 2017, Sandhill Company reported retained earnings of $1,956,000. In 2017, Sandhill discovered that 2016 depredationen 2017, net income was $855,000 and dividends declared were $261,000. The tax rate is 40%. understated by 1.000 Prepare a 2017 retained earnings statement for Sandhill Company. SANDHILL COMPANY Retained Earnings Statement Retained Earnings, January 1 1956000 256200 Less Correction of Depreciation Error 855000 Add Net Income 251000 Less Dividends 2293900 Retained Earnings, December 31 ulon en Shawork