Newland Company reported retained earnings at December 31, 2014, of $316,550. Newland had 196,800 shares of common stock outstanding at the beginning of 2015. The following transactions occurred during 2015.

1. An error was discovered. In 2013, depreciation expense was recorded at $70,480, but the correct amount was $51,790.

2. A cash dividend of $0.36 per share was declared and paid.

3. A 9% stock dividend was declared and distributed when the market price per share was $17 per share.

4. Net income was $281,200.

Prepare a retained earnings statement for 2015. (List items that increase retained earnings first.)