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Exercise 22-9 Presented below are the comparative income and retained earnings statements for Bridgeport Inc. for the years 2017 and 2018. 2018 2017 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $337,000 181,000 156,000 92,500 $63,500 $252,000 132,000 120,000 47,700 72,300 $77,300 72,300 (23,300) $126,300 63,500 (28,100) $161,700 The following additional information is provided: 1. In 2018, Bridgeport 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 $97,500 with an 2. In 2018, the company discovered that the ending inventory for 2017 was overstated by $22,000; ending inventory for 2018 is correctly stated Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore income taxes.) estimated useful life of 4 years and no salvage value. (The 2018 income statement contains depreciation expense of $29,250 on the assets purchased at the beginning of 2017.) BRIDGEPORT INC Retained Earnings Statement For the Year Ended 2018 2017 Click if you would like to Show Work for this question: pen Show Work Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWVER