Concord Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared dividends as follows. Dividends declared Net income $22.000 $-0- 2014 2015 2016 125,000 201,000 60.000 During 2017, Concord Corp.: discovered that it had failed, in 2015, to record $48.000 in depreciation on equipment in one of its warehouses. changed, on January 1,2017, from the average cost to the FIFO method of accounting for its inventory. If Concord Corp. had applied the FIFO method to it inventory in prior years, cumulative net income (before tax) would have been $16,000 lower than originally reported. reported income before income tax expense of $540,000. declared and paid dividends to common shareholders of $72,000. Concord's effective income tax rate for all years was 40%. Prepare a 2017 retained earnings statement for Concord Corp. (List items that increase retained earnings first.) CONCORD CORPORATION Retained Earnings Statement Retained Earnings, January 1, as Reported Correction for Depreciation Error Cumulative Decrease in Income from Change in Inventory Methods Retained Earnings, January 1, as Adjusted Add : Net Income /(Loss) Less : Dividends Declared Retained Earnings, December 31 e Textbook and Media Assume Concord Corp. restricted retained earnings in the amount of $67,000 on December 31, 2017. How would Concord Corp. present retained earnings on its December 31, 2017 balance sheet? Total retained earnings $