McEntire Corporation began operations on January 1, 2016. During its first 3 years of operations, McEntire reported net income and declared dividends as follows.

The following information relates to 2019.
Income before income tax.........................................................................$220,000
Prior period adjustment: understatement of 2017 depreciation expense (before taxes).....$25,000
Cumulative decrease in income from change in inventory methods (before taxes).......$ 45,000
Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2020)..............$100,000
Effective tax rate........................................................................................20%
Instructions
a. Prepare a 2019 retained earnings statement for McEntire Corporation.
b. Assume McEntire Corporation restricted retained earnings in the amount of $70,000 on December 31, 2019. After this action, what would McEntire report as total retained earnings in its December 31, 2019, statement of financial position?