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.)