Problem 4-6 Below is the Retained Earnings account for the year 2017 for Tamarisk Corp Retained earnings, January 1, 2017 Add: $261,300 Gain on sale of investments (net of tax) Net income Refund on litigation with government, related to the year 2014 (net of tax) Recognition of income earned in 2016, but omitted from income $44,900 88,200 25,300 29,100 187,500 statement in that year (net of tax) 448,800 Deduct: Loss on discontinued operations (net of tax) Write-off of goodwill (net of tax) Cumulative effect on income of prior years in changing from 38,700 63,700 LIFO to FIFO inventory valuation in 2017 (net of tax) 26,900 35,700 165,000 Cash dividends declared Retained earnings, December 31, 2017 (a) Prepare a corrected retained earnings statement. Tamarisk Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2017 to compute net income. (List items $283,800 that increase adjusted retained earnings first.) TAMARISK CORP Retained Earnings Statement