Bramble Corporation has retained earnings of $697,600 at January 1, 2020. Net income during 2020 was $1,692,900, and cash dividends declared and paid during 2020 totaled $81,700. Prepare a retained earnings statement for the year ended December 31 2020. Assume an error was discovered: land costing $88,590 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) BRAMBLE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1, as Reported Correction for Overstatement of Expenses in Prior Period : 697,600 (88,590) Retained Earnings, January 1, as Adjusted 609,010 Add : Net Income /(Loss) 1692.900 2.301.910 Less : Cash Dividends . 81.700 i Retained Earnings, December 31 $ 2.220.210