Problem 5: Statement of retained earnings (12 points) Similar to P3-8 Mountain Industries began 2020 with retained earnings balance of $723,000. During 2020, the firm earned $215,000 after taxes. From this amount, preferred stock holders were paid $42,500 in dividends and common stock dividends were $149,000 What is the amount of retained earnings at December 31, 2020? Retained earnings + earnings after taxes - preferred stock dividends - common stock dividends