(Answered) Question - the balance in retained earnings on january 1

Accounting

Question - The balance in retained earnings on January 1, 2017, for Palmer Inc. was $850,000. During the year, the corporation paid cash dividends of $93,000 and distributed a stock dividend of $7,700. In addition, the company determined that it had understated its insurance expense in prior years by $55,000. Net income for 2017 was $110,000.

Prepare the retained earnings statement for 2017.

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