Exercise 11-17

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

1.		Declared cash dividends $130,000.
2.		Corrected overstatement of 2016 net income because of depreciation error $45,000.
3.		Earned net income $350,000.
4.		Declared stock dividends $65,000.

Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)