Blue Lake Corporation reports the following information: Correction of understatement of expense in 2016, net of tax $ 645,000 Dividends declared in 2019 480,000 Net income for 2019 1,500,000 Retained earnings, 1/1/2019, unadjusted 3,000,000 Blue Lake should report ending retained earnings as of 12/31/2019, at $3,375,000 $4,665,000 $2,355,000. $4,020,000