The following information is provided for Fey Corp. for the year ended December 31, 2020.

Required 

Assuming a \(25 \%\) statutory tax rate, calculate the ending balance in retained earnings for the year ended December \(31,2020\).

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Sales... Cost of goods sold.... $110,000 45,000 General and administrative expenses 25,000 Unrealized gain on available for sale securities 2,000 Dividends declared and paid 12,000 Prior period adjustment, net of tax (expense understatement). 2,200 Stock dividends distributed. 6,000 Treasury stock at cost. 4,000 Retained earnings, beginning balance. 130,000