Blue Corporation has retained earnings of $684,800 at January 1, 2017. Net income during 2017 was $1,690,600, and cash dividends declared and paid during 2017 totaled $84,200. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $87,420 (net of tax) was charged to maintenance and repairs expense in 2016.

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Retained Earnings January 1 as reported... View the full answer