Rachel May Bakery, Inc. reported a prior period adjustment in 2024. An accounting error caused net incomo of prior years to be overstated by $8,000. Retained Earnings at December 31, 2023, as previously reported, was $45,000. Net income for 2024 was $70,000, and dividends declared were $25,000. Prepare the company's statement of retained earnings for the year ended December 31, 2024 Enter any current period increases in retained eamings prior to the subtotal, and enter any current period decreases to retained eamings below the subtotal, Rachel May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024