Given the following information, prepare Lynch 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 $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 Earings For the Year Ended December 31, 2020 LOSS Lynch Products Ltd. Statement of Retained Earnings For the Year Ended December 31, 2020 Correction of prior year's error for inventory overstatement Dividends for the year Net income for the year Netloss for the year Repurchase of shares Retained earnings, January 1, 2020, as adjusted Retained earnings, January 1, 2020 as originally reported Retained earnings December 31, 2020 Sale of shares Che then contin