Rachel May Bakery, Inc. reported a prior-period adjustment in 2016. An accounting error caused net income of prior years to be overstated by $3,000. Retained Earnings at December 31,2015, as previously reported, was 38,000. Net income for 2016 was $71,000,and dividends declared were $21,000. Prepare the company's statement of tetained earnings for the year ended December 31,2016. ( Use a minus sign or parentheses when subtracting numbers.)

Rachel May Bakery,Inc.

Statement of Retained Earnings..

Year Ended December 31,2016