Rachel May Bakery, Inc. reported a prior$-$period adjustment in $2024.$ An accounting error caused net income of prior years to be overstated by $$3,000.$ Retained Earnings at December $31,2023,$ as previously reported, was $$47,000.$ Net income for $2024$ was $$78,000,$ and dividends declared were $$23,000.$ Prepare the company's statement of retained earnings for the year ended December $31,2024.$

Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal.

Rachel May Bakery, Inc.

Statement of Retained Earnings

Year Ended December $31,2024$