On January 1, 2017, Sheridan Corporation had retained earnings of $630,000. During the year, Sheridan had the following selected transactions: 1. Declared and paid cash dividends, $259,000. 2. Earned profit before income tax, $810,000. B. Corrected a prior period error of $87,000, before income tax, which resulted in an understatement of profit in 2016. 4. Reacquired 30,000 common shares for $54,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. 5. Completed a 3-for-1 stock split of the common shares. Sheridan has a 34% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2017. (List items that increase retained earnings first.) SHERIDAN CORPORATION Statement of Retained Earnings Year Ended December 31, 2017 7 Balance, January 1, as Adjusted 630000 Cash Dividends 259000 t Total Revenues 371000 Profit / (Loss) 534600