The balance in retained earnings on January 1, 2017, for Palmer Inc. was $750,000. During the year, the corporation paid cash dividends of $94,000 and distributed a stock dividend of $8,300. In addition, the company determined that it had understated its insurance expense in prior years by $48,000. Net income for 2017 was $130,000. Prepare the retained earnings statement for 2017. (List items that increase retained earnings first.) PALMER INC. Retained Earnings Statement For the Year Ended December 31, 2017 Study $ $ CHILLIWELIN anan