out of 3 point Burton Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2020. Burton later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $110,000 and $35,000, respectively. Determine the corrected amount for December 31, 2020 retained earnings