Please assist with the following. Thank you.

At January 1, 2020, Pharoah Company reported retained earnings of $1,942,000. In 2020, Pharoah discovered that 2019 depreciation expense was understated by $388,400. In 2020, net income was $985,000 and dividends declared were $261,000. The tax rate is 20%.

Prepare a 2020 retained earnings statement for Pharoah Company.