Swifty Corporation, a private company, began operations on January $1,2020.$ During its first three year's of operations, Swifty reported

net income and declared dividends as follows:

The following information is for $2023$ :

Income before income tax

$$350,000$

Correction of prior period error: understatement of $2021$ depreciation expense $($before tax$)$

$39,000$

Cumulative increase in prior years' income from change in inventory method $($before tax$)$

$49,000$

Dividends declared $($of this amount, $$25,000$ will be paid on January $15,2024)$

$100,000$

Effective tax rate

Prepare a $2023$ statement of retained eamings for Swifty. The company follows ASPE. $($List items that increase retained earnings first after

adjusted balance. Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

Swifty Corporation

Statement of Retained Earnings

For the Year Ended December $31,2023$

Balance, January $1,$ as reported

$

Net Income $/($Loss$)$

Balance, January $1,$ as adjusted

: