Presented below is information which relates to Pharoah Ltd., a Canadian private company. Net loss Retained earnings, January 1, 2017 Cash dividends declared on common shares Understatement of net income resulting from 2016 inventory error (pre-tax) $130,000 327,000 53,000 78,000 Prepare in good form, a statement of retained earnings for the year ended December 31, 2017. The tax rate is 25%. (List items that increase retained earnings first.) Pharoah LTD. Statement of Retained Earnings $ $ $