The Bramble Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Bramble reported net income and declared dividends as follows: Dividends declared $0. 2017 2018 2019 Net income $50,000 136,000 160,000 50,000 50,000 The following information is for 2020 Income before income tax Correction of prior period error understatement of 2018 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount: $25,000 will be paid on January 15, 2021) Effective tax rate $320,000 35,000 45,000 100,000 409 Prepare a 2020 statement of retained earnings for Bramble Corporation. The company follows ASPE. (List items that increase retained earnings first.) Bramble Corporation Statement of Retained Earnings