Question 7 -- / 20 the balance in retained earnings on January 1, 2017 for Booker Inc., was $575,000 during the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $50,000. Net income for 2017 was $120,000. Prepare the retained earnings statement for 2017