Hatine Earnings Statement Rolt Company began 2010 with a $105.000 hanc in retained earnings. During the year, the following ts scared 1. The company camed net income of $16.000 2. A material error in net income from a previous period was corrected. This error correction increased retained cast 1.5 td.o. 3. Cash dividends totaling $15,000 and stock dividends tooling $16,000 were declared 4. One thousand shares of calable nedsted that originally had been used at $120 peshore were recalled and retired at the beginning of the S.awy stock (common was acquired at a cost of $23,000. State law or restriction of indsaming is an equal out. The com a note to the financial statements Required: Prepare a statement of retained earnings for the wear ended December 31, 2018 ROLT COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Putained earnings, as previously reported: January 1, 2019 100.000 Add correction due to understatement of income 1.500 Adjusted retained earnings, January 1, 2019 M. Addence 01.500 15,000 Less cash dividends Less: Stock dividends Less Reduction to retirement of preferred stock 16.000 Retained amnings December 31, 2010