> Required: 1. Prepare Dakota's statement of retained earnings for the year ended December 31, 2016. Assume that only single-period financial st DAKOTA CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2016 Balance, December 31, 2015, as originally reported 4,000,000 Less: Prior period adjustment from error overstating rent income 500,000 Less: Income tax effect 225,000 275,000 As restated Add: Net income 3,725,000 2,600,000 6,325,000 Deduct dividends: Less: Cash dividend on preferred stock 180.000 Less: Dividend in kind on common stock v Balance, December 31, 2016 Feedback 2. Prepare the shareholders' equity section of Dakota's balance sheet at December 31, 2016. DAKOTA CORPORATION