Exercise 4-12 (Part Level Submission) Pearl Corporation began operations on January 1, 2014. During its first 3 years of operations, Pearl reported net income and declared dividends as follows: Dividends declared Net income 2014 $45,600 $-0- 2015 55,900 134,600 165,000 2016 51,200 The following information relates to 2017: Income before income tax $221,600 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) $33,700 Cumulative decrease in income from change in inventory methods (before taxes) $36,200 Dividends declared (of this amount, $33,700 will be paid on January 15, 2018) $107,100 Effective tax rate 40 % Your answer is correct. Prepare a 2017 retained earnings statement for Pearl Corporation. (List items that Increase adjusted retained earnings first. Prepare a 2017 retained earnings statement for Pearl Corporation. (List items that increase adjusted retainede PEARL CORPORATION Retained Earnings Statement For the Year Ended December 31, 2017 238100 Retained Earnings, January 1, as Reported (20220) Correction for Depreciation Error (21720) Cumulative Decrease in Income from Change in Inventory Methods Retained Earnings, January 1, as Adjusted 196160 Add:Net Income/ (Loss) 132960 329120 107100 Less T Dividends Declared 222020 Retained Earnings, December 31 Assume Pearl Corporation restricted retained earnings in the amount of $64,990 on December 31, 2017. After this action, what would Pearl report as total retained earnings in its December 31, 2017, balance sheet? Total retained earnings