Current Attempt in Progress On January 1, 2021, Cullumber Corporation had retained earnings of $700,000. During the year. Cullumber had the following selected transactions: 1. 2. 3. Declared and paid cash dividends, $297.000. Earned profit before income tax, $810,000. Corrected a prior period error of $86.000, before income tax, which resulted in an understatement of profit in 2020. Reacquired 25.000 common shares for $56.000 more than the original issue price. This was the first time the company had ever reacquired its own shares. Completed a 3-for-1 stock split of the common shares. 4. 5. Cullumber has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2021. (List items that increase retained earnings first.) Prepare a statement of retained earnings for the year ended December 31, 2021. (List items that increase retained earnings first.) CULLUMBER CORPORATION Statement of Retained Earnings $ $