Determine the retained earnings balance at December 31, 2020 by preparing the retained earnings statement. There are no preferred dividends in arrears. (List items that increase retained earnings first.) SANDHILL, INC. Retained Earnings Statement For the Year Ended December 31, 2020 - Balance, January 1, as previously reported Balance, January 1, as corrected Balance, January 1, as corrected Add . Net income/(Loss) Less $ The stockholders' equity accounts of Sandhill, Inc., at January 1, 2020, are as follows. Preferred Stock, no par, 5,800 shares issued Common Stock, no par, 124,000 shares issued Retained Earnings $580,000 620,000 575,000 During 2020, the company had the following transactions and events. July Aug. Sept. Dec. 1 1 1 1 15 31 Declared a $0.50 cash dividend per share on common stock. Discovered a $70,000 overstatement of 2019 depreciation expense. (Ignore income taxes.) Paid the cash dividend declared on July 1. Declared a 10% stock dividend on common stock when the market price of the stock was $10 per share. Declared a $5 per share cash dividend on preferred stock, payable January 31, 2021. Determined that net income for the year was $300,000