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Marigold Corporation began operations on January 1, 2017. During its first 3 years of operations, Marigold reported net income and dedared dividends as follows: Dividends

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Marigold Corporation began operations on January 1, 2017. During its first 3 years of operations, Marigold reported net income and dedared dividends as follows: Dividends declared $-0- 2017 2018 2019 Net income $46,900 129,000 162,600 56,700 52,500 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $29,900 will be paid on Jan 15, 2021) Effective tax rate $235,100 $29,900 $35,600 $109,200 20% (a) Prepare a 2020 retained earnings statement for Marigold Corporation. (List items that increase adjusted retained earnings first.) MARIGOLD CORPORATION Detaimed Eaminas Statement

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