The Newland Company Corporation reported retained earnings as of December 31, 2016 of US $ 310,000. Newland Co. had 200,000 common shares issued at the beginning of 2017. The following transactions occurred during 2017: An error was discovered. In 2015, the depreciation expense was recorded at $ 70,000 but the correct amount was $ 50,000. A cash dividend of US $ 0.50 per share was declared and paid. A dividend of 5% per share was declared and distributed when the market price per share was US $ 15.00. The net income was $ 285,000. Prepare the Statement of Retained Earnings for the year 2017. Prepare the shareholders' equity section.