Eddie Zambrano Corporation began operations on January 1, 2014. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows: 2014 2015 2016 Net income $40,000 125,000 160,000 Dividends declared $-0- 50,000 50,000 The following information relates to 2017 Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $25,000 will be paid on January 15, 2018) Effective tax rate $240,000 $25,000 $35,000 $100,000 40 % Prepare a 2017 retained earnings statement for Eddie Zambrano Corporation. (List items that increase adjusted retained earnings first.) EDDIE ZAMBRANO CORPORATION Assume Eddie Zambrano Corporation restricted retained earnings in the amount of $70,000 on December 31, 2017. After this action, what would Zambrano report as total retained earnings in its December 31, 2017, balance sheet? Total retained earningss Click if you would like to Show Work for this