Question 17 --/1 View Policies Current Attempt in 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