Exercise 4-12 Metlock Corporation began operations on January 1, 2017. During its first 3 years of operations, Metlock reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,400 161,500 Dividends declared $-0- 51,200 54,800 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $25,600 will be paid on Jan. 15, 2021) Effective tax rate $247,900 $25,600 $37,000 $106,000 20 % Prepare a 2020 retained earnings statement for Metlock Corporation. (List items that increase adjusted retained earnings