The balance in retained earnings on January 1, 2017 for Palmer Inc. was $850,000. During the year, the corporation paid cash dividends of $94,000 and distributed a stock dividend 37,300. In addition, the company determined that it had understated its Insurance expense in prior years by 553,000, Net income for 2017 was $110,000 Prepare the retained earings statement for 2017. (list items that increase retained earnings first.) PALMER INC Retained Earnings Statement V