Exercise 14-8 On January 1, 2017, Eddy Corporation had retained earnings of $552,000. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $132,000. 2. Corrected overstatement of 2016 net income because of inventory error $46,000. 3. Earned net income $351,000. 4. Declared stock dividends $66,000. Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)

EDDY CORPORATION Retained Earnings Statement $ : : $ $