Presented below are the comparative income and retained earnings statements for Marigold Inc. for the years 2017 and 2018 2018 2017 $288,000 131,000 157,000 54,900 $102,100 $66,000 102,100 (23,500) $144,600 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retalned earnings (Dec. 31) $306,000 187,000 119,000 89,100 $29,900 $144,600 29,900 (30,200) $144,300 The following additional Information is provided: 1. In 2018, Marigold Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2017 for $101,500 2. In 2018, the company discovered that the ending inventory for 2017 was overstated by $24,900; ending inventory for 2018 is correctly stated Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore income taxes.) with an estimated useful life of 4 years and no salvage value. (The 2018 income statement contains depreciation expense of $30,450 on the assets purchased at the beginning of 2017.) MARIGOLD INC. Retained Earnings Statement For the Year Ended 2018 2017