Sheridan Corporation began operations on January 1, 2017. During its first 3 years of operations, Sheridan reported net income and declared dividends as fol lows: Dividends Net income declared $43,400 $-0 2017 2018 57,500 131,800 2019 164,000 52,400 The following information relates to 2020 $242,600 Income before income tax $34,700 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) $36,100 $109,900 Dividends declared (of this amount, $34,700 will be paid on Jan. 15, 2021) Effective tax rate 20% Prepare a 2020 retained earnings statement for Sheridan Corporation. (List items that increase adjusted retained earnings first.)