Upen Assignment PRINTER VERSION BACK Question 18 The balance in retained earnings on January 1, 2017 for Palmer Inc. was $750,000. During the year, the corporation paid cash dividends of $91.000 and distributed a stock dividend of .600. In addition, the company determined that it had understated its Insurance expense in prior years by $45,000. Net income for 2017 was $120.000 Prepare the retained earnings statement for 2017. (list items that increase retained earnings first PALMER INC. Retained Earnings Statement *as es OP 1 Type here to search nent Practice Question 12 The sale of bonds above face value causes the total cost of borrowing to be more than the bond interest paid. TO True O False LINK TO TEX