Felsined Euthings Squtemert Not Comgary began 2016 with a $115,000 balance in tets end sarningt, During the yenc the follewing events occurred: 1. The conouy earned net incame of 171,000 . 3. Cash dividende totnisp $10,560 and gtock divdends tocaling $18,050 were declared. 1120 per where. earninga reterictions it a note to the fithanod stalementi. Required: Elest My Werk You should consider the following informotion for this exercise. 1. A corporation is requirad to treat corrections of all matena ercors as protiperiod adjustments (festatements) of retained earming corrected, the asset of liability account bolance is cortected (debited or cred ted) and the otfsetting credit or debit (which invalved 2. When a corporavon makes o pogh period adjuctment. if reports the fem (net of the appleblo uncome taxes) as an adjustiment o