P4.6B (LO 3,4,5) (Retained Earnings Statement, Prior Period Adjustment) Below is the Retained Earmings account for the year 2020 for Cooper Corp. Retained earnings, January 1, 2020 Add: $616,050 Gain on discontinued operations (net of tax) $ 12,000 Net income 168,300 41,200 Gain on sale of investments (net of tax) Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2020 (net of tax) Refund on litigation with government, related to the year 2017 (net of tax) Recognition of income earned in 2019, but omitted from incorhe statement in that year (net of tax) 52,600 51,600 49,700 375,400 991,450 Deduct: Write-off of goodwill (net of tax) Cash dividends declared Retained earnings, December 31,2020 250,000 60,000 310,000 $681,450 Instructions (a) Prepare a corrected retained earnings statement. Cooper Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2020 to compute net income. (b) State where the items that do not appear in the corrected retained earnings statement should be shown