PRINTER VERSION BACK NEXT Exercise 14-8 Your answer is partially correct. Try again. On January 1, 2017, Eddy Corporation had retained earnings of $535,000. During the year, Eddy had the following selected transactions. 1. 2. Declared cash dividends $115,000. Corrected overstatement of 2016 net income because of inventory error $37,500. Earned net income $342,500. Declared stock dividends $57,500. 3. 4. Prepare a retained earnings statement for the year. (List items that increase retained earnings first.) EDDY CORPORATION Retained Earnings Statement PRINTER VERSION OURCES Prepare a retained earnings statement for the year. (List items that increase retained earnings first.) EDDY CORPORATION Retained Earnings Statement For the Year Ended December 31, 2017 Balance, January 1, as reported 535,000 Correction for Overstatement of 2016 Net Income 342,500 Balance, January 1, as adjusted ($37,500) Study Add Net Income / (Loss) $342,500.00 Less Cach Dividends ($115,000) Stock Dividends ($57,500) 5667,500 Balance, December 31 Click if you would like to Show Work for this question: Open Show Work