Given the following information, prepare Lynch Products Ltd.'s statement of retained earings for the year ended December 31, 2020. An inventory error caused net income of the prior year to be overstated by $42,000. Retained Earnings at January 1, 2020, as previously reported, stood at $2,412,000. Net income for the year ended December 31, 2020, was $440,000 Dividends during 2020 were $63,000 Complete the statement of retained earnings below. (Use parentheses or a minus sign when subtracting numbers.) Lynch Products Ltd Statement of Retained Earnings For the Year Ended December 31, 2020 rar Text rces Te) rces Less