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Question 1 In its December 31, 2016 financial statements, Culver Ltd. reported retained earnings of $479,000. During 2017, Culver reported net income after tax of $79,000 and paid dividends of $4,500. Also during 2017, Culver discovered that rent expense in 2016 was understated by $19,100. Rent expense was recorded properly for 2017, Culver was subject to a 20% income tax rate for all affected years. Assuming that Culver reports under ASPE, prepare the December 31, 2017 statement of retained earnings. Culver Ltd Statement of Retained Earnings For the Year Ended December 31, 2017 Correction of Error in Calculating Rent Expense Add Applicable Income Tax Reduction $19.100 3820 152801 79.00