Sheffield Enterprises Ltd. reported cost of goods sold for 2020 of $2.3 million and retained earnings of $4.0 million at December 31, 2020. Sheffield later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $160,000 and $46,000, respectively. Determine the correct amounts for 2020 cost of goods sold and December 31, 2020 retained earnings.

Corrected cost of goods sold		$
Corrected 12/31/20 retained earnings		$