PART V (15 Points)

On January 1, 2018, Walton Corporation had Retained Earnings of $378,000. During the year the following selected transactions occurred:

(1) Declared stock dividends of $40,000.

(2) Declared cash dividends of $60,000.

(3) 2 for 1 stock split involving the issue of 200,000 shares of $5 par value common stock for 100,000 shares of $10 par value common stock.

(4) Suffered a net loss of $70,000 for the year.

(5) Corrected an overstatement of last years net income due to a $58,000 inventory error.

Prepare a Retained Earnings Statement as of 12/31/2018use proper formatting.