Question 5 3 points Saved Garry Co. reported a retained earnings balance of $400,000 at December 31, 2020. In August 2021, Garry determined that insurance premiums of $160,000 for the four-year period beginning January 1, 2020, had been paid and fully expensed in 2020. Garry has a 25% income tax rate. What amount should Garry report as adjusted beginning retained earnings in its 2021 statement of retained earnings? O $560,000 O $530,000 O $500,000. $490,000