(Answered) Kristen maybakery inc reported aprior-period adjustment in

Accounting

Kristen MayBakery, Inc. reported aprior-period adjustment in 2016.

An accounting error caused net income of prior years to be overstated by $5,000

Retained Earnings at December31, 2015 as previouslyreported, was $40,000.

Net income for 2016 was $76,000 and dividends declared were $28,000.

Prepare the company's statement of retained earnings for the year ended December 31,2016 (Use a minus sign or parentheses when subtracting numbers.)

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