Retained Earnings Statement Role Company began 2019 with a $140,000 balance in retained earnings. During the year, the following events occurred: The company earned net income of $77,000. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $7,770 after related income taxes of $4,200. Cash dividends totaling $12,500 and stock dividends totaling $16,500 were declared. One thousand shares of callable preferred stock that originally had been