In its December 31, 2019 financial statements, Sage Ltd. reported retained earnings of $458,000. During 2020, Sage reported net income after tax of $76,400 and paid dividends of $5,100. Also, during 2020, Sage discovered that rent expense in 2019 was understated by $18,700. Rent expense was recorded properly for 2020. Sage was subject to a 20% income tax rate for all affected years. Assuming that Sage reports under ASPE, prepare the December 31, 2020 statement of retained earnings.

Current Attempt in Progress In its December 31, 2019 financial statements. Sage Listeported red carrings of 5458,000. During 2020. Sapereported income after tax of 576,400 and paid dividends of $5.100. Also during 2020. Sage discovered that renterpers in 2014 was understated by $18.700. Renters was recorded property for 2020.Sasabject to a 20% income tax rate for all diffected years. Assuming that a reportsunder ASPEprepare the December 31, 2020 tent of retained earrings Sage Ltd Statement of Retained Earnings