Question 1 of 9 - / 10 Sandhill Bakeries Inc. reported retained earnings of $512,000 on December 31, 2020. For the year ended December 31, 2021, the company had profit of $135,000, and it declared and paid dividends of $50,000. Assuming the company reports under ASPE. On March 1, 2021, Sandhill Bakeries Inc. discovered that the cost of Land purchased in 2020 was erroneously recorded as rent expense. The cost of the Land was $6,500. The company's year end is December 31 and the income tax rate is 20%. Prepare a statement of retained earnings. (List items that increase retained earnings first.) SANDHILL BAKERIES, INC. Statement of Retained Earnings