Portman Corporation has retained earnings of $723,000 at January 1, 2014. Net income during 2014 was $1,580,000, and cash dividends declared and paid during 2014 totaled $81,500. Prepare a retained earnings statement for the year ended December 31, 2014. Assume an error was discovered: land costing $89,320 (net of tax) was charged to maintenance and repairs expense in 2011