In 2017 Niklan Plastic Products Ltd.(NPPL_discovered an error made in the year ended December 31,2016.An inventory error caused net income of the prior period to be understated by $35,000.Retained Earnings at January 1,2017,as previously reported,stood at 567,800.Net income for the year ended December 31,2017 was $253,000 and cash dividends were $50,000.Prepare the statement of retained earnings for NPPL for the year ended December 31,2017.
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