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TER PRINTER VERSION HACK NEXT Questions The balance in retained earnings on January 1, 2017 for Palmer Inc. was $750,000. During the year, the corporation paid cash dividends of $94,000 and distributed a stock dividend of $8,300. In addition, the company determined that it had understated its insurance expense in prior years by $48,000. Net income for 2017 was $130,000 Prepare the retained eaming statement for 2017. (List items that increase retained earnings first.) PALHER INC. Retained Eamings Statement JRCES PALMER INC. Retained Earnings Statement v Study