Presented below is information related to Vaughn Corp. for the year 2020.

Net sales		$1,404,000		Write-off of inventory due to obsolescence		$86,400
Cost of goods sold		842,400		Depreciation expense omitted by accident in 2019		59,400
Selling expenses		70,200		Casualty loss		54,000
Administrative expenses		51,840		Cash dividends declared		48,600
Dividend revenue		21,600		Retained earnings at December 31, 2019		1,058,400
Interest revenue		7,560		Effective tax rate of 20% on all items

(b)

Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.)

VAUGHN CORP. Retained Earnings Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount
select an item Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select an item Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a subtotal of the two previous amounts
select between addition and deduction AddLess: select an item Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction AddLess: select an item Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select a closing name Correction for Overstatement of Net Income in Prior PeriodDividends DeclaredExpensesNet Income / (Loss)Retained Earnings, January 1, as adjustedRetained Earnings, January 1, as reportedRetained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$enter a total amount