Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord reported net income and declared dividends as follows:

		Net income			Dividends declared
2017		$49,200			$ 0
2018		129,000			59,400
2019		160,800			56,400

The following information relates to 2020.

Income before income tax		$228,600
Prior period adjustment: understatement of 2018 depreciation expense (before taxes)		$31,000
Cumulative decrease in income from change in inventory methods (before taxes)		$45,000
Dividends declared (of this amount, $31,000 will be paid on Jan. 15, 2021)		$115,800
Effective tax rate		20	%

Prepare a 2020 retained earnings statement for Concord Corporation. (List items that increase adjusted retained earnings first.)

CONCORD CORPORATION Retained Earnings Statement December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues		$
Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues
Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues
Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues
AddLess: Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues
AddLess: Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues
Correction for Depreciation ErrorCumulative Decrease in Income from Change in Inventory MethodsDividends DeclaredExpensesNet Income / (Loss)Balance, January 1, as AdjustedBalance, January 1, as ReportedBalance, December 31RevenuesTotal ExpensesTotal Revenues		$

eTextbook and Media

Assume Concord Corporation restricted retained earnings in the amount of $64,000 on December 31, 2020. After this action, what would Concord report as total retained earnings in its December 31, 2020, balance sheet?

Total retained earnings

$