Presented below are the comparative income and retained earnings statements for Riverbed Inc. for the years 2020 and 2021 2021 2020 Sales $314,000 $272,000 Cost of sales 200,000 147,000 Gross profit 114.000 125,000 Expenses 94,500 52.700 Net income $19,500 $72,300 Retained earnings (Jan. 1) $116.900 $70,700 Net income 19.500 72,300 Dividends (27.000) (26,100) Retained earnings (Dec. 31) $109.400 $116.900 1 The following additional information is provided: In 2021, Riverbed 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 $98.000 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $29,400 on the assets purchased at the beginning of 2020.) In 2021, the company discovered that the ending inventory for 2020 was overstated by $24,100ending inventory for 2021 is correctly stated 2 Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes) RIVERBED INC. Retained Earnings Statement Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes.) RIVERBED INC. Retained Earnings Statement For the Year Ended 2021 2020 $ $ $