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Two part question. Thank you. Kingbird Corporation began operations on January 1, 2014....

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Accounting

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Two part question. Thank you.

Kingbird Corporation began operations on January 1, 2014. During its first 3 years of operations, Kingbird reported net income and declared dividends as follows: Dividends declared 2014 2015 2016 Net income $40,500 130,100 164,000 s-0- 53,600 54,000 The following information relates to 2017 Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Curnulative decrease in income from change in inventory methods (before taxes) $228,700 $31,800 $42,800 107,600 Dividends declared (of this amount, $31,800 wll be paid on January 15, 2018) Effective tax rate 40 % Prepare a 2017 retained ear mings statement for Kingbird Corporation. (List items that increase adjusted retained earnings first.) KINGBIRD CORPORATION Retained Earnings Statement

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