Pina Colada Corporation prepares financial statements in accordance with ASPE. At January 1, 2017, the company had retained earnings of $1,420,000. In 2017, net income was $327,000, and cash dividends of $60,000 were declared and paid. Prepare a statement of retained earnings for Pina Colada Corporation, assuming that in 2017, Pina Colada discovered that it had overstated 2014 depreciation by $35,000 (net of tax). (List items that increase retained earnings first.)