Problem II $-$ Statement of Retained Earnings

$15$ Points

The balance in retained earnings on January $1,2023,$ for Regina King Corporation was $$680,000.$ During the

year, the corporation paid cash dividends of $$43,000.$ Additionally, the company discovered that it neglected to

record $2020$ rent expense of $$10,000($net of tax$).$ The company also revised a depreciation estimate of a

machine's salvage value this year causing depreciation to increase by $$1,000$ per year. Net income for the year

$2023$ was $$380,000.$

Instructions: Prepare a statement of retained earnings as of December $31$ of the current year.