--/1 s In its December 31, 2020 financial statements, Sandhill Ltd. reported retained earnings of $1,508,000. During 2021, Sandhill reported net income after tax of $367,100, and paid dividends of $13,500. Also, during 2021, Sandhill discovered an error that had been made in calculating depreciation in previous years. The overall effect of the error was a $14,900 understatement of depreciation experise in previous years. Sandhill was subject to a 25% income tax rate for all affected years. Assuming that Sandhill reports under ASPE Prepare the statement of retained earnings for Sandhill as at December 31, 2021 Sandhill Ltd. Statement of Retained Earnings Retained Earnings, January 1, 2021 as previously reported Correction of Error in Calculating Depreciation Applicable Income Tax Reduction Restated Balance of Retained Earnings, January 1, 2021 Net Income, 2021 Dividends Retained Earnings, December 31, 2021