Grouper Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared dividends as follows Practice Exercise 4-4 (Part Level Submission) Net income Dividends declared $-0- $27,000 131,000 200,000 2014 2015 60,000 During 2017, Grouper Corp.: , discovered that it had failed, in 2015, to record $30,000 in depreciation on equipment in one of its warehouses. changed, on January 1 ,2017, from the average cost to the FIFO method of accounting for its inventory. If Grouper Corp, had applied the FIFO method to it inventory in prior years, cumulative net income (before tax) would have been $17,000 lower than originally reported. . reported income before income tax expense of $580,000. declared and paid dividends to common shareholders of $74,000. Grouper's effective income tax rate for all years was 40%. Prepare a 2017 retained earnings statement for Grouper Corp. (List items that in retained earnings first.) crease GROUPER CORPORATION For the Year Ended 31, 2017 Retained Earnings, January 1, as Reported Correction for Depreciation Error Cumulative Decrease in Income from Change in Inventory Methods Retained Earnings, January 1, as Adjusted MacBoo Correction for Depreciation Error Cumulative Decrease in Income from Change in Inventory Methods Retained Earnings, January 1, as Adjusted Add Net Income/ (Loss) Less . Dividends Declared Retained Earnings, December 31 LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATERS SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above Ma sc Fl 20