year ended December 31, 2016: Opening retained earnings 3,000,000 Net income before taxes 300,000 Dividends declared 30,000 Dividends paid 15,000 You have also been informed that on September 30, 2014, betterment of $50,000 on a machine was expensed on the income statement when it should have been amortized using the straight- line method on the basis of half-year rule, ve-year useful life and $nil residual value. Required: Based on above and assuming that 30% tax rate is applicable to the Company, prepare the Company's Statement of Retained Earnings for the year ended December 31, 2016