Given the following information about a corporation's current year activities, compute the retained earnings for the current year. Retained earnings, December 31 (prior year) Cash dividends $ 280,000 $ 31,800 Correction of understatement of net income in prior period (material inventory error) $ 23,000 Stock dividends Net income $ 20,000 $ 36,000 Please submit your file attachment response in one of the approved file formats; Word file (.doc or .docx), Excel file (xis or .xlsx), or PDF. To submit photo or image files please paste them into Word or PDF. Consult with your instructor as needed on their preferred file attachment format. upload a response file (15MB max) Choose File No file chosen save