Presented below is information which relates to Blossom Ltd., a Canadian private company. Net loss $ 114,000 316,000 Retained earnings, January 1, 2020 Cash dividends declared on common shares Understatement of net income resulting from 2019 inventory error (pre-tax) 44,000 70,000 Prepare in good form, a statement of retained earnings for the year ended December 31, 2020. The tax rate is 15%. (List items that increase retained earnings first.) Blossom Ltd. Statement of Retained Earnings $ $