please help, but show how to do step by step.

E4.12B (10 5) (Retained Earnings Statement) Jason Woo Corporation began operations on January 1, 2017. During its first 1-3 years of operations, Woo reported net income and declared dividends as follows: Netisco Derdens declared $160,000 50- 500,000 200,000 640,000 200,000 The following information relates to 2020 Income before income tax 5960,000 Prior period adjus t understatement of 2018 depreciation expense before tuces) $100.000 Cumulative decrease in income from change in intentory methods before tace) $140,000 Dividende declared (of this amount $100,000 will be paid on Jan 15, 2021) $400,000 Effective texte Instructions (a) Prepare a 2020 retained earning statement for Jason Woo Corporation (b) Assume Jason WooCorp. restricted retained eamings in the amount of $280,000 on December 31, 2020. After this action, what would Woo report as total retained earnings in its December 31, 2020, balance sheet