The Concord Corporation, a private company, began operations on January 1, 2014. During its first three years of operations, Concord reported net income and declared dividends as follows: Dividends declared Net income 2014 $0 2015 $51,000 131,000 161,000 50,000 50,000 2016 The following information is for 2017: $320,000 53,000 Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2018) Effective tax rate 33,000 100,000 40% Prepare a 2017 statement of retained earnings for Concord Corporation. The company follows ASPE. (List items that increase retained earnings first.) Concord Corporation Statement of Retained Earnings Statement of Retained Earnings $ v. $ Assume Concord Corporation restricted retained earnings in the amount of $70,000 on December 31, 2017. After this action, what would Concord report as total retained earnings in its December 31, 2017, balance sheet? Total retained earnings $