Sheridan Corporation began operations on January 1, 2022. During its first 3 years of operations, Sheridan reported net income and declared dividends as follows. Net income Dividends declared 2022 $36,800 $-0- 2023 115,000 46,000 2024 147,200 46,000 The following information relates to 2025. Income before income taxi $220,800 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) Dividends declared (of this amount, $23,000 will be paid on Jan. 15, 2026) 23,000 92.000 Effective tax rate 20% Prepare a 2025 retained earnings statement for Sheridan Corporation. (List items that increase adjusted retained earnings first.) SHERIDAN CORPORATION Retained Earnings Statement For the Year Ended December 31, 2025 Balance, January 1, as Reported: $ 207000