Sheridan Corporation is a private company in Canada following ASPE. On December 31, 2019, the company had reported $2,450,000 in retained earnings on its financial statements. During the year, Sheridan had net income of $785,000 and declared cash dividends of $100,000. Also, during the year, Sheridan made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years' net income by $70.000, before income taxes (tax rate is 20%). Prepare a 2020 retained earnings statement for Sheridan Corporation. (List items that increase retained earnings first.) Sheridan Corporation Statement of Retained Earnings