BE12-11 The balance in retained earnings on January 1, 2008, for Ola Smith Inc, was $800,000.

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BE12-11 The balance in retained earnings on January 1, 2008, for Ola Smith Inc, was $800,000.
During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its depreciation expense in prior years by $50,000. Net income for 2008 was $150,000.

Prepare the retained earnings statement for 2008