Swifty Corporation, a private company, began operations on January 1, 2020. During its first three years...

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Swifty Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Swifty reported net income and declared dividends as follows: Net income Dividends declared 2020 $58,000 $0 2021 135,000 50,000 2022 165,000 50,000 The following information is for 2023: Income before income tax $320,000 Correction of prior period error: understatement of 2021 depreciation expense (before tax) 43,000 Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate 53,000 100,000 40% Prepare a 2023 statement of retained earnings for Swifty. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Swifty Corporation Statement of Retained Earnings For the Year Ended December 31, 2023 Balance, January 1, as adjusted Balance, January 1, as reported Balance, December 31 Correction for Depreciation Error Net of Income Tax Dividends Declared Net Income/(Loss) Retroactive Adjustment for Change in Inventory Method Net of Income Tax $ Swifty Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Swifty reported net income and declared dividends as follows: Net income Dividends declared 2020 $58,000 $0 2021 135,000 50,000 2022 165,000 50,000 The following information is for 2023: Income before income tax $320,000 Correction of prior period error: understatement of 2021 depreciation expense (before tax) 43,000 Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate 53,000 100,000 40% Prepare a 2023 statement of retained earnings for Swifty. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Swifty Corporation Statement of Retained Earnings For the Year Ended December 31, 2023 Balance, January 1, as adjusted Balance, January 1, as reported Balance, December 31 Correction for Depreciation Error Net of Income Tax Dividends Declared Net Income/(Loss) Retroactive Adjustment for Change in Inventory Method Net of Income Tax $