| Assume that Bonita has a beginning balance of retained earnings at January 1, 2020, of $990 using the LIFO method. The company declared and paid dividends of $510 in 2020. Prepare the retained earnings statement for 2020, assuming that Bonita has switched to the FIFO method. (Round answers to 0 decimal places, e.g. 125.) BONITA COMPANY Retained Earnings Statement | select an opening name Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | $enter a dollar amount | select an item Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | enter a dollar amount | select a summarizing line for the first part Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | enter a total amount for the first part | select between addition and deduction AddLess : select an item Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | enter a dollar amount | select between addition and deduction AddLess : select an item Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | enter a dollar amount | select a closing name Cumulative Effect of Change to FIFODividendsNet IncomeRetained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31 | $enter a total amount | | | |