E14-8B

On January 1, 2017, Zuniga Corporation had retained earnings of $550,000. During the year, Zuniga had the following selected transactions.

1. Declared cash dividends $140,000. 2. Corrected overstatement of 2016 net income because of depreciation error $50,000. 3. Earned net income $350,000. 4. Declared stock dividends $60,000.

Instructions Prepare a retained earnings statement for the year.