Exercise 4-12 Splish Corporation began operations on January 1, 2017. During its first 3 years of operations, Splish reported net income and declared dividends as follows: Net income Dividends declared 2017 $43,400 $ -0- 2018 128,900 59,800 2019 165,000 55,400 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, $25,800 will be paid on Jan. 15, 2021) Effective tax rate $231,800 $25,800 $35,000 $115,200 20 % Your answer is partially correct. Try again. Prepare a 2020 retained earnings statement for Splish Corporation. (List items that increase adjusted retained earnings first