Exercise 22-9 Presented below are the comparative income and retained earnings statements for Bramble Inc. for the years 2017 and 2018 2018 374,000 191,000 2017 Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $296,000 138,000 158,000 46,800 $111,200 $78,500 111,200 (23,700) 86,400 $96,600 $166,000 96,600 (32,900) 229,7008166 000 The following additional information is provided 1. In 2018, Bramble Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2017 for $102,000 with an estimated useful life of 4 years and no salvage value. (The 2018 income statement contains depreciation expense of $30,600 on the assets purchased at the beginning of 2017.) .In 2018, the company discovered that the ending inventory for 2017 was overstated by $23,600; ending inventory for 2018 is correctly stated Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore income taxes.) BRAMBLE INC. Retained Earnings Statement For the Year Ended