Statement of retained earnings with PPA (A in acct. principle, correction of error) Eddie Zambrano Corporation began operations on January 1, 2021. During its first 3 years of operations, Zambrano reported the following: Year Net income Dividends 2021 $ 40,000 $ 0 2022 125,000 2023 50,000 50,000 160,000 The following information relates to the current year, 2024. Income before income taxes Overstatement of 2022 expenses before income taxes Cumulative decrease in income from change in inventory method before income taxes Dividends declared Effective tax rate for all years Instructions: Prepare a statement of retained earnings for the current year. $ 250,000 25,000 (40,000) 80,000 20%