Lankin Concrete Products Ltd. reported the correction of an error made in the year ended December 31, 2017. An inventory error caused net income of the prior year to be overstated by $50,000. Retained Earnings at January 1, 2017, as previously reported, stood at $2,408,000. Net income for the year ended December 31, 2017, was $448,000, and dividends were $61,000.
Required
Prepare the company's statement of retained earnings for the year ended December 31, 2017.