Exercise 11-18 Newland Company reported retained eamings at December 31, 2016, of $306,500. 1. Newland had 196,500 shares of common stock outstanding at the beginning of 2017, The following transactions occuned during 2012 An error was discovered. In 201S, depreciation expense was recorded at $74,500, but the correct amount was $53,500 A cash dividend of so.s0 per share was declared and paid 2. 3. A10% stock dividend was declared and distrbuted when the minet prer er hare wil lister var. 4 Net income was $283,000. Prepare a retained earnings statement for 2017. (List items that increase retained earnings first. Question Attemptsi 0 ef 3 u