signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2017 334.000 95.200 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $21,800 $264,000 144,000 120,000 50,700 $69,300 $76,300 69,300 (23,900) $121,700 214.800 (31,400) $112,100 $121,700 The following additional information is provided: In 2018, Nash Inc, decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2017 for $106,500 with an estimated useful life of 4 years and no salvage value. The 2018 Income statement contains depreciation expense of $31.950 on the assets purchased at the beginning of 2017 In 2018, the company discovered that the ending inventory for 2017 was overstated by $24.2003 ending Inventory for 2018 is correctly stated. Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore Income taxes. MASILAC M Assignment Gradebook u lte Accounting (ACCT2411) ORION Downloadable eTextbook ssignment CALCULATOR MESSAGE MY INSTRUCTOR CES FULL SCREEN PRINTER VERSION BACK NEXT Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore income taxes.) NASH INC. Retained Earnings Statement For the Year Ended 2018 2017 Click if you would like to Show Work for this question: Open Show Work SUBMIT ANSWER Question Attempts: 0 of 5 used SAVE FOR LATER