6. Retained earnings (15 points) Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue $1,250,000 Dividend revenue 8,000 4,400 Unearned service revenue Retained earnings, January 1, 2020 270,000 Administrative expenses 170,000 Dividends declared 24,000 Net income 107,100 Also disclosed was an understatement in the amount of depreciation expense from 2018 in the amount of $40,000. Prepare a retained earnings statement for the year ended December 31, 2020