Rachel May Bakery, Inc. reported a prior-period adjustment in 2024. An accounting error caused net income of prior years to be overstated by $8,000. Retained Earnings at December 31, 2023, as previously reported, was $42,000. Net income for 2024 was $71,000, and dividends declared were $25,000. Prepare the company's statement of retained earnings for the year ended December 31, 2024. Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal. Rachel May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024 prior years to be overstated by $8,000. Retained Earnings at December 31, 2023, as previously reported, $42,000. Net income for 2024 was $71,000, and dividends declared were $25,000. Prepare the company statement of retained earnings for the year ended December 31, 2024. Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal. Rachel May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024 _8 Dividends declared Net income for the year Prior-period adjustment Retained Earnings, January 1, 2024, as adjusted Retained Earnings, January 1, 2024, as originally reported Retained Earnings, December 31, 2024 02 Answer. Enter any current period increases in retained earnings prior to the subtotal, and enter any curre decreases to retained earnings below the subtotal. Rachel May Bakery, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Dividends declared Net income for the year Prior-period adjustment Retained Earnings, January 1, 2024, as adjusted Retained Earnings, January 1, 2024, as originally reported Retained Earnings, December 31, 2024 2 list or enter any number in the input fields and then click Check