Woods, Inc. Statement of Retained Earnings For the Year Ended December 31, 2017 Balance, January 1 Net income Dividends Balance, December 31 $ 1,050,000 360,000 (300,000) $1,110,000 Before issuing the report for the year ended December 31, 2017, you discover a $62,soo error that caused the 2016 inventory to be overstated (overstated inventory caused coGs to be lower and thus net income to be higher in 2016) Would this discovery have any impact on the reporting of the Statement of Retained Earnings for 2017? Assume a 20% tax rate. O