done on these excel sheets. thank you!

Problem 1 (10 points) On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of $1,000,000. During 2020 the following occurred: 1. Net income for the year was $500,000. It was discovered the 2019 net income was understated by $100,000, 2. SO 3. The following dividends were declared: On preferred stock.............. $ 120,000 On common stock: Cash dividends.... 20,000(only 15.000 paid in 2021) Stock dividends... 60,000 Instructions: On the worksheet provided, prepare a retained earnings statement in good form. 00 Happy Corporation Retained Earnings Statement For the Year Ended December 31, 2020 Retained earnings, January 1, 2018 1,000,000 1 2 3 8 9 10 11 1 12 2 13 3 14 4 15 5 16 6 17 7 18 8 19 9 20 10 21 22 4 5 6 7 8 9 10 (a) General Journal Account Titles Debit Credit Date 1 Jan 15 21 3 Mar. 1 C U n A ( 4 2 3 4 5 16 6 7 6 7 Apr. 15 8 9 10 11 May 1 DCO ON 12 A - ON 13 14 15 Oct 1 16 17 18 Dec.31 19 20 21 31 22 23 24 25 26 27 28 29 d 30 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 SSSSSSSSS 28 29 30 Rroble LI