On January 1, 201?, Chu Corporation had retained earnings of $422,000. During the year, Chu had the following selected transactions: 1. Declared cash dividends of $100,000. 2. Suffered a loss of $70,000. 3. Corrected understatement of 2016 profit because of an inventory error $45,000. The company has a 30% income tax rate. Instructions Prepare a statement of retained earnings for the year