can you construct a correct retained earnings as well?

LO 5.5 Nel sales p5.6 Misclassifications Olson Company's bookkeeper prepared the following income statement and retained carnings 1054 statement for the year ended December 31, 2016: December 31, 2016 Expense and Profits Statement Sales (net) $ 196,000 less: Selling expenses (19,600) $ 176,400 Add: Interest revenue 2,300 Add: Gain on sale of equipment 3,200 Gross soles revenues $ 181,900 Less: Costs of operations Cost of goods sold $120,100 Correction of overstatement in last year's income because of extor fnet of $1,650 3,850 Dividend costs (50.50 per share for 8,000 common shares) 4,000 Unusual loss because of earthquake (net of $1,800 income tax credit 4,200 (132.150 Toxoble revenues 49,750 Less: Income tax on income from continuing operations (12,480) Net income $ 37,270 Miscellaneous deductions Loss from operations of discontinued Division (net of $900 income tax credit) $2,100 Administrative expenses 16,800 18,900) Net revenues Retained Revenues Statement For Year Ended December 31, 2016 Beginning retained earnings $59,300 Add: Goin on sale of Division Inet of $1,350 income taxes 3.150 Recalculated retained cornings $62,450 Add: Net revenues 18,370 380,820 less. Interest expense 13,400) Ending retained earnings $27,420 The preceding account balances are correct but have been incorrectly classified in certain instances. Assume the income tax amounts are correct and linked to the appropriate items. Required: Prepare a corrected 2016 multiple-step income statement and a 2016 retained carnings statement. Before preparing the 2016 retained camnings statement, determine the correct balance as of the beginning of the year. 18,370 Note: Only construct the income statement. You can construct a corrected retained earnings for extra points