At January 1, 2025, Whispering Company reported retained earnings of $1,957,000. In 2025, Whispering discovered that 2024 depreciation expense was understated by $391,400. In 2025, net income was $941,000 and dividends declared were $221,000. The tax rate is 20%. Prepare a 2025 retained earnings statement for Whispering Company. WHISPERING COMPANY Retained Earnings Statement D $

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