On January 1, 2020, Lundy Corporation had Retained Earnings of $400,000. During the year, Lundy had the following selected transactions:

1.	Declared stock dividends of $50,000.
2.	Declared cash dividends of $90,000.
3.	A 2 for 1 stock split involving the issuance of 200,000 shares of $5 par value common stock for 100,000 shares of $10 par value common stock.
4.	Suffered a net loss of $70,000.
5.	Corrected understatement of 2019 net income because of an inventory error of $48,000.

Prepare a retained earnings statement for the year. (List net loss first.)

LUNDY CORPORATION Retained Earnings Statement : $ e Textbook and Media