Presented below are the comparative income and retained earnings statements for Windsor Inc. for the years 2020 and 2021.

		2021			2020
Sales		$310,000			$275,000
Cost of sales		180,000			135,000
Gross profit		130,000			140,000
Expenses		88,600			46,800
Net income		$41,400			$93,200
Retained earnings (Jan. 1)		$142,200			$72,500
Net income		41,400			93,200
Dividends		(29,500	)		(23,500	)
Retained earnings (Dec. 31)		$154,100			$142,200

The following additional information is provided:

1.		In 2021, Windsor Inc. decided to switch its depreciation method from sum-of-the-years digits to the straight-line method. The assets were purchased at the beginning of 2020 for $107,000 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $32,100 on the assets purchased at the beginning of 2020.)
2.		In 2021, the company discovered that the ending inventory for 2020 was overstated by $24,800; ending inventory for 2021 is correctly stated.

Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes.)

WINDSOR INC. Retained Earnings Statement For the Year Ended 2021 2020 $ v : > v : V: > $ $