Cindy May Bakery, Inc. reported a prior-period adjustment in 2024. An accounting error caused net income of prior years to be overstated by $7,000. Retained Earnings at December 31, 2023, as previously reported, was $39,000. Net income for 2024 was $71,000, and dividends declared were $29,000. Prepare the company's statement of retained earnings for the year ended December 31, 2024. Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal. Cindy May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024