Sheffield Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheffield reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,700 126,000 168,200 Dividends declared $-0- 53,300 53,100 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in Inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on Jan. 15, 2021) Effective tax rate $246,800 $32,000 $42,500 $106,400 20% Prepare a 2020 retained earnings statement for Sheffield Corporation. (List items that increase adjusted retained earnings first.) SHEFFIELD CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 , e Textbook and Media Assume Sheffield Corporation restricted retained earnings in the amount of $64,680 on December 31, 2020. After this action, what would Sheffield report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $