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Exercise 4-12 Kingbird Corporation began operations on January 1, 2017. During its first 3 years of operations, Kingbird reported net income and declared dividends as follows: Net income Dividends declared 2017 $40,000 $-0- 2018 126,200 55,400 2019 160,400 58,700 The following information relates to 2020. Income before income tax 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, $29,400 will be paid on Jan. 15. 2021) Effective tax rate $246,500 $29,400 $39,600 $114,100 2006 Prepare a 2020 retained earnings statement for Kingbird Corporation. (Use items that increase adjusted retained earnings first.) KINGBIRD CORPORATION Retained Earnings Statement KINGBIRD CORPORATION Retained Earnings Statement v Assume Kingbird Corporation restricted retained earnings in the amount of $65.400 on December 31, 2020. After this action, what would dngbird report as total retained earnings in its December 31, 2020, balance sheet Total retained earnings Click if you would like to Show Work for this questions on how