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At January 1,2025, Teal Company reported retained earnings of $2,020,000.In2025, Teal discovered that 2024 depreciation expense was understated by $404,000. In 2025 , net income was $932,000 and dividends declared were $258,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Teal Company. At January 1,2025, Teal Company reported retained eamings of $2,020,000. In 2025 , Teal discovered that 2024 depreciation expense was understated by $404,000. In 2025 , net income was $932,000 and dividends declared were $258,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Teal Company. At January 1,2025 , Teal Company reported retained earnings of $2,020,000. In 2025 , Teal discovered that 2024 depreciation expense was understated by $404,000. In 2025 , net income was $932,000 and dividends declared were $258,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Teal Company