Question 1 In its December 31, 2016 financial statements, Culver Ltd. reported retained earnings of $479,000. During 2017, Culver reported net income after tax of $79,000 and paid dividends of $4,500. Also during 2017, Culver discovered that rent expense in 2016 was understated by $19,100. Rent expense was recorded properly for 2017, Culver was subject to a 20% income tax rate for all affected years. Assuming that Culver reports under ASPE, prepare the December 31, 2017 statement of retained eamings. Culver Ltd. Statement of Retained Earnings