Ltd

(WRS)

ended the year

2015

with retained earnings of

$73000.

During

2016,

WRS

earned a profit after tax of

$93000

and declared dividends of

$26000.

Also during

2016,

WRS

received a

$20000

tax refund from the Australian Taxation Office. A tax audit revealed that

WRS

paid too much income tax back in

2014.

RequirementShow the retained earnings account for

WRS

for the year ended 31 December

2016

to report the prior period adjustment