The Concord Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Concord reported net income and declared dividends as follows: Net income Dividends declared 2017 $51,000 2018 131,000 2019 161,000 The following information is for 2020: $0 50,000 50,000 Income before income tax $320,000 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) 36,000 46,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2021) Effective tax rate 100,000 40% Prepare a 2020 statement of retained earnings for Concord Corporation. The company follows ASPE. (List items that increase retained earnings first.)