Retained Earnings Tigress Manufacturing had beginning retained earnings of $650,000. During the year, Tigress paid cash dividends of $70,000 to preferred stockholders and $55,000 to common stockholders. Net income for the year was $340,000. Required: 1. Reproduce the Retained Earnings T-account for the year starting with the beginning balance. Retained Earnings Preferred dividends Common dividends Beginning balance Net income Ending balance 2. Determine what Tigress's ending retained earnings is assuming that during the year it discovers that net income was overstated by $13,000 in prior years due to an error. The error was corrected and the current year's net income is correct. Ending Retained Earnings $