Presented below is information which relates to Blossom Ltd., a Canadian private company.

Net loss		$114,000
Retained earnings, January 1, 2020		316,000
Cash dividends declared on common shares		44,000
Understatement of net income resulting from 2019 inventory error (pre-tax)		70,000

Prepare in good form, a statement of retained earnings for the year ended December 31, 2020. The tax rate is 15%.

Statement of Retained Earnings $ TA $ Activate Win Go to Settings to $ Correction for Understatement of Net Income Resulting from Inventory Error $ Balance, January 1, as Reported Cash Dividends Net Income /(Loss) Balance, December 31 $ Balance, January 1, as Adjusted Activate Win Go to Settings to