TASK SIX McEntire Corporation began operations on January 1, 2019. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. Net Income Dividends Declared 2019 $40,000 -0- 2020 125,000 50,000 2021 160,000 50,000 The following information relates to 2022. Income before income tax $220,000 Prior period adjustment: understatement of 2021 depreciation expense (before taxes). $25,000 Cumulative decrease in income from change in inventory methods (before taxes). $45,000 Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2023) $100,000 Effective tax rate 40% Instructions: Prepare a 2022 retained earnings statement for McEntire Corporation