Response to the following problem:
Bloom Company had beginning unadjusted retained earnings of $400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was $28,000. In addition, Bloom earned net income of $150,000 and paid dividends of $30,000 in the current year. Prepare Bloom Company's retained earnings statement for the current year.