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