Sheffield Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Sheffield reported net income and declared dividends as follows: Net income Dividends declared 2020 $60,000 $0 2021 138,000 50,000 2022 160,000 50,000 The following information is for 2023: Income before income tax $310,000 Correction of prior period error: understatement of 2021 depreciation expense (before tax) 45,000 Cumulative increase in prior years' income from change in inventory method (before tax) 55,000 SUPPORT Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate 100,000 40% Prepare a 2023 statement of retained earnings for Sheffield. 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 e.g. -45 or parentheses e.g. (45).) Sheffield Corporation Statement of Retained Earnings $ SUPPORT