Capex Ltd., a private company who prepares their financial statements using Accounting Standards for Private Enterprises (ASPE), had a beginning Retained Earnings for the year at April 1, 2019 of $900,000. The auditors found 3 noteworthy items when completing their external audit of Capex Ltd. for the fiscal year ended March 31, 2020: a) There was a change in the accounting policy regarding valuation of inventory, from Weighted Average to First-in First-out (FIFO). this resulted in the understatement of Net income in prior years to be $60,000. b) There was an error made by the Accounting Department in calculating depreciation for equipment. This resulted in the overstatement of Net Income in prior years to be $45,000. c) There was a change in the estimate for calculating bad debt expense resulting in the understatement of Net income in prior years to be $32,000. Appropriate changes in relation to the abovementioned items have been made in calculating Net Income, which was $110,000; for the current year ended March 31, 2020. There were stock dividends of $40,000 and cash dividends of $20,000 during the year ended March 31 , 2020. Required: Prepare a Statement of Retained Earning for Capex Ltd. for the year ended March 31, 2020. Capex Ltd., a private company who prepares their financial statements using Accounting Standards for Private Enterprises (ASPE), had a beginning Retained Earnings for the year at April 1, 2019 of $900,000. The auditors found 3 noteworthy items when completing their external audit of Capex Ltd. for the fiscal year ended March 31, 2020: a) There was a change in the accounting policy regarding valuation of inventory, from Weighted Average to First-in First-out (FIFO). this resulted in the understatement of Net income in prior years to be $60,000. b) There was an error made by the Accounting Department in calculating depreciation for equipment. This resulted in the overstatement of Net Income in prior years to be $45,000. c) There was a change in the estimate for calculating bad debt expense resulting in the understatement of Net income in prior years to be $32,000. Appropriate changes in relation to the abovementioned items have been made in calculating Net Income, which was $110,000; for the current year ended March 31, 2020. There were stock dividends of $40,000 and cash dividends of $20,000 during the year ended March 31 , 2020. Required: Prepare a Statement of Retained Earning for Capex Ltd. for the year ended March 31, 2020