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Max Company reported retained earnings of $480,000 on December 31, 2017. In 2018, the company reported net income of $73,500 and declared and paid cash dividend in the amount of $61,000. During the year 2018, the accountant discovered a material error that took place in prior years. The amount of $22,000 worth of equipment was incorrectly expensed. The retained earnings on December 31,2018, after the prior year adjustment would be: A. $458,000. B. $502,000. C. $514,500. D. 575,500