The balance in retained earnings on January 1, 2020, for Hotel Plaza Inc., was $575.000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $50,000. Net income for 2020 was 120,000 Prepare the retained coming statement for 2020. (stem that increase retained earnings first HOTEL PLAZA INC. Retained Earning Statement For the Year Ended December 31, 2020 11:54 AM HOTEL PLAZA INC. Retained Earnings Statement For the Year Ended December 31, 2020 v 5 Click if you would like to show Work for this question: Coen Show Work LINK TO TEXT + $ O arch