Question - On January 1, 2017, Zuniga Corporation had retained earnings of $550,000. During the year, Zuniga had the following selected transactions.
1. Declared cash dividends $140,000.
2. Corrected overstatement of 2016 net income because of depreciation error $50,000.
3. Earned net income $350,000.
4. Declared stock dividends $60,000.
Instructions - Prepare a retained earnings statement for the year.