Tamarisk Corporation began operations on January 1, 2017. During its first 3 years of operations, Tamarisk reported net income and declared dividends as follows:

		Net income			Dividends declared
2017		$43,200			$ 0
2018		131,900			56,400
2019		168,500			55,200

The following information relates to 2020.

Income before income tax		$232,700
Prior period adjustment: understatement of 2018 depreciation expense (before taxes)		$29,300
Cumulative decrease in income from change in inventory methods (before taxes)		$39,000
Dividends declared (of this amount, $29,300 will be paid on Jan. 15, 2021)		$111,600
Effective tax rate		20	%

Prepare a 2020 retained earnings statement for Tamarisk Corporation. (List items that increase adjusted retained earnings first.)

Assume Tamarisk Corporation restricted retained earnings in the amount of $68,890 on December 31, 2020. After this action, what would Tamarisk report as total retained earnings in its December 31, 2020, balance sheet?

Total retained earnings

$

The drop down options are:

Correction for Depreciation Error

Cumulative Decrease in Income from Change in Inventory Methods

Dividends Declared

Expenses

Net Income/(Loss)

Balance, January1, as Adjusted

Balance , January 1, as Reported

Balance, December 31

Revenues

Total Expense

Total Revenue