Wed Questions The balance in retained camings on January 1, 2017 for Palmer Inc. was $850,000. During the year, the corporation paid cash dividends of $87,000 and distributed a stock dividend of $7,900. In addition, the company determined that it had understated its Insurance expense in prior years by $47,000. Net Income for 2017 was $110.000 Prepare the retained earnings statement for 2017. (list items that increase retained earnings first.) PALMER INC. Retained Earnings Statement