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) Dividends declared $-0- 2014 2015 2016 Net income $27,000 131,000 200,000 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. deciared and paid dividends to common shareholders of $74,000. Grouper's effective income tax rate for all years was 40%. Your answer is partially correct. Try again. Prepare a 2017 retained earnings statement for Grouper Corp. (List items that increase retained earnings first.) GROUPER CORPORATION sl 298,0001 for Error (30,000) 2 Your answer is partially correct. Try again Prepare a 2017 retained earnings statement for Grouper Corp.(List items that increase retained earnings first GROUPER CORPORATION For the Year Ended December 31, 2017 Retained Earnings, January 1, as Reported 298,000 Correction for Depreciation Error (30,000) Cumulative Decrease in Income from Change in Inventory Methods (10,200) Retained Earnings, January 1, as Adjusted 257,800 348,000 Add Net Income/ (Loss) Less LDividends Declared (74,000) 531,800 The parts of this question must be completed in order. This part will be avaiiable when you complete the part above