Problem II - Statement of Retained Earnings 15 Points The balance in retained earnings on January 1, 2023, for Regina King Corporation was $680,000. During the year, the corporation paid cash dividends of $43,000. Additionally, the company discovered that it neglected to record 2020 rent expense of $10,000 (net of tax). The company also revised a depreciation estimate of a machine's salvage value this year causing depreciation to increase by $1,000 per year. Net income for the year 2023 was $380,000. Instructions: Prepare a statement of retained earnings as of December 31 of the current year.