Swifty Corporation began operations on January 1, 2014. During its first 3 years of operations, Swifty reported net income and declared dividends as follows: Net income Dividends declared $176,000 $-0- 2014 2015 530.000 231,000 2016 656,000 231,000 The following information relates to 2017 $968,000 $114,000 Income before income tax Prior period adjustment understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $114,000 will be paid do Jan 15, 2018) T Effective tax rate $161.000 $462.000 4096 ) (a) Your answer is correct Prepare a 2017 retained earnings statement for Swifty Corporation (List items that increase adjusted retained earnings first.) SWIFTY CORPORATION Retained Earnings Statement For the Year Ended December 31, 2017 Balance, January 1. as Reported $ 900000 Correction for Depreciation Error Net of Tax 68400 i Cumulative Effect of Change in Inventory Methods Net of Tax 580800 1315800 Less v Dividends Declared 462000 1 Balance, December 31 > 853800 (b) Assume Swifty Corp. restricted retained earnings in the amount of $277.000 on December 31, 2017 After this action, what Would Swifty report as total retained earnings in its December 31, 2017 balance sheet Total retained earnings $