Prepare a statement of retained earnings for Tidal Co. for the year ended December 31, 2020, using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in 2020 Retained earnings at December 31, 2019 Net income in 2020 $11,000 66,000 $39,000 Answer is complete but not entirely correct. Tidal Co. Statement of Retained Earnings For Year Ended December 31, 2020 Retained earnings, Dec. 31, 2019 $ 66,000 Plus net income 39,000 Less dividends 94,000 Retained earnings, Dec. 31, 2020 $ 199,000