On January 1, 2024, Pharoah Corporation had retained earnings of $600,000. During the year, Pharoah had the following selected transactions: 1. Declared and paid cash dividends, $288,000. 2. Earned profit before income tax, $820,000. 3. Corrected a prior period error of $90,000, before income tax, which resulted in an understatement of profit in 2023. 4. Reacquired 21,000 common shares for $59,000 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. Pharoah has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase adjusted retained earnings first)