please explain part b please

Nash Corporation began operations on January 1, 2017. During its first 3 years of operations, Nash reported net income and declared dividends as follows: Dividends declared Net income 2017 $46,700 $-0- 134,000 2018 55,100 2019 162.200 59,300 The following information relates to 2020. Income before income tax $248,500 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $29,000 will be paid on Jan. 15, 2021) $29,000 $40,900 $114,400 Effective tax rate 20 % Prepare a 2020 retained earnings statement for Nash Corporation. (List items that increase adjusted retained earnings frst.) NASH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Balance, January 1, as Reported 228500 Correction for Depreciation Error 23200 i Cumulative Decrease in Income from Change in Inventory Methods 32720 172580 Balance, January 1, as Adjusted Add Net Income/(Loss) 198800 371380 Less: Dividends Declared 114400 $ Balance, December 31 256980 x Your answer is incorrect. Assume Nash Corporation restricted retained earnings in the amount of $65,210 on December 31, 2020. After this action, what would Nash report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings 65210