At January 1, 2017, Concord Company reported retained earnings of
$2,139,000. In 2017, Concord discovered that 2016 depreciation expense was understated by $361,000. In 2017, net income was $815,000 and dividends declared were $275,000. The tax rate is 35%.
Consider the 2017 retained earnings statement for Concord Company?
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