Question 4 of 5 Vaughn Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Vaughn reported net income and declared dividends as follows: Net income Dividends declared 2020 $50,000 2021 137,000 50,000 2022 164,000 50,000 The following information is for 2023: Income before income tax $330,000 Correction of prior period error: understatement of 2021 depreciation expense (before tax) 35,000 Cumulative increase in prior years' income from change in inventory method (before tax) 45,000 Dividends declared (of this amount. $25,000 will be paid on January 15, 2024) 100,000 Effective tax rate 40% Prepare a 2023 statement of retained earnings for Vaughn. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Question 4 of 5 < > Vaughn Corporation Statement of Retained Earnings v v 59