Robinson Corporation, a private company, began operatio do 2:56:17:017 During its first three years of operations, Robinson reported the declared dividends as follows: Net income 2017 Dividends declared $-0 50,000 50,000 $75,000 125,000 160,000 2018 2019 The lowing information is for 2020 Income before income tax... $200,000 Cumulative increase in prior years' income from change In inventory method (before tax). 40,000 Correction of prior period error: understatement of 2018 depreciation expense (before tax).. 30,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2021, the remainder was paid in 2020)... 70,000 Effective tax rate... 40% Instructions: Prepare a 2020 statement of retained earnings for Robinson Corporation. The company follows ASPE