Cullumber Corporation is a private company in Canada following ASPE. On December 31, 2019, the company had reported $2,950,000 in retained earnings on its financial statements. During the year, Cullumber had net income of $730,000 and declared cash dividends of $140,000. Also, during the year, Cullumber made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years net income by $90,000, before income taxes (tax rate is 30%). Prepare a 2020 retained earnings statement for Cullumber Corporation. (List items that increase retained earnings first.)

Statement of Retained Earnings $ > $ Activate Win Go to Settings to e Textbook and Media Statement of Retained Earnings $ Expenses Total Expenses Revenues Balance, January 1, as previously reported Cumulative effect on prior years of retrospective application of new inventory costing method Balance, December 31 Total Revenues $ Net Income /(Loss) Balance, January 1, as adjusted Gross Profit/(Loss) Activate Win Go to Settings to Cash Dividends