pt in Progress Identify which of the following items would be reported as additions or deductions in a Retained Earnings Statement 1. Net Income Additions or Deductions 2. Net Loss 3 Cash Dividends > 4. Stock Dividends 5. Prior period adjustments to correct for overstatement of prior years net income Prior period adjustments to correct for understatement of prior years net income 6 Current Attempt Progress The balance in retained earnings on January 1, 2020, for Hotel Plaza Inc, was $575,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $50,000. Net income for 2020 was $120.000, Prepare the retained earnings statement for 2020. (List items that increase retained earnings first) HOTEL PLAZA INC Retained Earnings Statement For the Year Ended December 31, 2020 $ $