Presented below are the comparative income and retained earnings statements for Bridgeport Inc. for the years 2020 and 2021. 2021 2020 Sales $373,000 $246,000 Cost of sales 193,000 135,000 Gross profit 180,000 111,000 Expenses 94,600 46,300 Net income $85,400 $64,700 Retained earnings (Jan. 1) $111,700 $72,000 Net income 85,400 64,700 Dividends (32,800) (25,000) Retained earnings (Dec. 31). $164,300 $111,700 The following additional information is provided: 1 2. In 2021, Bridgeport 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 $92.500 with an estimated useful life of 4 years and no salvage value (The 2021 income statement contains depreciation expense of $27,750 on the assets purchased at the beginning of 2020) In 2021, the company discovered that the ending inventory for 2020 was overstated by $23.400: ending inventory for 2021 is correctly stated. Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (ignore income taxes) BRIDGEPORT INC. Retained Earnings Statement For the Year Ended 2021 2020 Stitc