Brief Exercise 22-07 At January 1, 2020, Kingbird Company reported retained earnings of $1,938,000. In 2020, Kingbird discovered that 2019 depreciation expense was understated by $387,600. In 2020, net income was $822,000 and dividends declared were $205,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Kingbird Company. KINGBIRD COMPANY Retained Earnings Statement Correction of Depreciation Error Dividends Net Income Retained Earnings, January 1 Retained Earnings, January 1, as adjusted Retained Earnings, December 31