Nash Corporation began operations on January 1, 2017. During its first 3 years of operations, Nash reported net income and declared dividends as follows: Dividends declared Net income 2017 2018 $46,700 134,000 162,200 $-0- 55,100 59,300 2019 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, $29,000 will be paid on Jan. 15, 2021) Effective tax rate $248,500 $29,000 $40,900 $114,400 20 % Prepare a 2020 retained earnings statement for Nash Corporation. (List items that increase adjusted retained earnings first.) NASH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Balance, January 1, as Reported $ Correction for Depreciation Err Cumulative Decrease in Income from Change in Inventory Methods A Add : Net Income /(Loss) Less : Dividends Declared Assume Nash Corporation restricted retained earnings in the amount of $65,210 on December 31, 2020. After this action, what would Nash report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $