Given the following information, prepare Leonard Products Ltd.'s statement of retained earnings for the year ended December 31, 2020. An inventory error caused net income of the prior year to be overstated by $54,000. Retained Earnings at January 1, 2020, as previously reported, stood at $2,422,000. Net income fc- Hidden bookmarks necember 31, 2020, was $452,000. Dividends during zuzu were py,000. Complete the statement of retained earnings below. (Use parentheses or a minus sign when subtracting numbers.) Leonard Products Ltd. Statement of Retained Earnings For the Year Ended December 31, 2020 Less