Metlock Corporation began operations on January 1, 2017. During its first 3 years of operations, Metlock reported net income and declared dividends as follows: Net income Dividends declared 2017 $49,700 $-0- 2018 126,400 51,200 2019 161,500 54,800 The following information relates to 2020. Income before income tax $247,900 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $25,600 Cumulative decrease in income from change in inventory methods (before taxes) $37,000 Dividends declared (of this amount, $25,600 will be paid on Jan. 15, 2021) $106,000 Effective tax rate 20 % Prepare a 2020 retained earnings statement for Metlock Corporation. (List items that increase adjusted retained earnings first.) METLOCK CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Balance, January 1, as Reported $ 231,600 Correction for Depreciation Error (20,480) Cumulative Decrease in Income from Change in Inventory Methods (29,600) Balance, January 1, as Adjusted 181,520 Add : Net Income /(Loss) 198,320 379,840 Less Dividends Declared (106,000) Balance, December 31 $ 273,840 e Textbook and Media Attempts: 1 of 1 used (b) Assume Metlock Corporation restricted retained earnings in the amount of $69,360 on December 31, 2020. After this action, what would Metlock report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $