When preparing the financial statements for the year ended December 31, 2015, the controller of XYZ Inc. discovered that the income tax expense for...

When preparing the financial statements for the year ended December 31, 2015, the controller of XYZ Inc. discovered that the income tax expense for 2012 was understated by $33,000.

            Retained earnings at December 31, 2014                   $447,800

            Cash dividends declared during 2015                            45,000

            Stock dividends declared during 2015                          100,000

            Net income for the year ended December 31, 2015     166,120

Prepare a statement of retained earnings for XYZ Inc. for the year ended December 31, 2015.