PENTHOUSE HOLDINGS STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2020 (RM) Cash 100,000 Accruals 240,000 Account receivable 150,000 Notes payable 265,000 Inventory 210,000 Long term debt 145,000 Net plant and equipment 450,000 Common stock 180,000 Retained earnings 80,000 TOTAL LIABILITIES & TOTAL ASSETS 910,000 EQUITY 910,000 1. Sales are expected to increase by 40 percent in 2021 to RM2,100,000. ii. The company is operating at full capacity. iii. Earnings after tax for the year is RM480,000 iv. The dividend currently paid was RM240,000 Based on the Penthouse Holdings statement of financial position as of 31 December 2020, determine the new retained earnings for the company