BRAMBLE CORP. Retained Earnings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1, as Reported $ 618850 Correction of Error From Prior Period 52500 Adjustment for Change in Accounting Principle (Net of Tax) 55400 Retained Earnings, January 1, as Adjusted 762750 Add : Net Income /(Loss) 171100 Less : Cash Dividends Declared 62800 Retained Earnings, December 31 $ 835050 Below is the Retained Earnings account for the year 2017 for Bramble Corp. Retained earnings, January 1, 2017 $ 618,850 Add: Gain on discontinued operations (net of tax) $ 14,800 Net income 171,100 44,000 Gain on sale of investments (net of tax) Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2017 (net of tax) Refund on litigation with government related to the year 2014 (net of tax) 55,400 54,400 Recognition of income earned in 2016, but omitted from income statement in that year (net of tax) 52,500 392,200 1,011,050 Deduct: Write-off of goodwill (net of tax) 252,800 Cash dividends declared 62,800 315,600 Retained earnings, December 31, 2017 $ 695,450