Assume that net income is $110,000, what is the amount of Ending Retained Earnings as reported on the balance sheet at Dec. 31, 2020

Using the information below, determine the number indicated above to be reported on the income statement, the statement of comprehensive income, or the retained earnings statement for the year ended Dec. 31, 2020

Assume a 30% tax rate on all items and that 100,000 shares of common stock were outstanding during the year.

All amounts except for the beginning retained earnings balance are pre-tax numbers.

Retained Earnings$550,000

Net Sales1,300,000

Selling expenses200,000

Earthquake loss on plant (unusual and infrequent)280,000

Cash Dividends declared on common stock33,000

Cash Dividends declared on preferred stock 12,000

Cost of goods sold780,000

Gain resulting from computation error on depreciation charge in 2015 510,000

Dividend revenue60,000

Administrative expenses40,000

Unrealized holding loss on available for sale securities30,000

Gain on disposal of a component100,000