May Bakery, Inc. reported a prior-period adjustment in

2024.

An accounting error caused net income of prior years to be overstated by

$6,000.

Retained Earnings at December 31,

2023,

as previously reported, was

$40,000.

Net income for

2024

was

$71,000,

and dividends declared were

$30,000.

Prepare the company's statement of retained earnings for the year ended December 31,

2024.

Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal.

Kristin May Bakery, Inc.

Statement of Retained Earnings

Year Ended December 31, 2024