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Oswald Company reported retained earnings at December 31, 2016, of $400,000. Oswald had 200,000 shares of common stock outstanding throughout 2017 The following transactions occurred during 2017. 1. An error was discovered; in 2015, insurance expense was recorded at $90,000, but the correct amount was $60,000. 2. A cash dividend of $0.50 per share was declared and paid. 3. A 5% stock dividend was declared and distributed when the market price per share was $18 per share. 4. Net income was $310,000. Required Prepare a retained earnings statement for 2017