The following account balances were included in the trial balance of Wildhorse Corporation at June 30, 2022.

Sales Revenue

$1,800,000

Depreciation Expense (office furniture and equipment)

$9,200

Sales Discounts

35,120

Property Tax Expense

9,260

Cost of Goods Sold

1,021,720

Bad Debt Expense (selling)

5,580

Salaries and Wages Expense (sales)

63,710

Maintenance and Repairs Expense (administration)

10,700

Sales Commissions

112,080

Office Expenses

6,500

Travel Expense (salespersons)

33,340

Sales Returns and Allowances

71,940

Delivery Expense

23,920

Dividend Revenue

44,000

Entertainment Expense

16,960

Interest Expense

21,200

Telephone and Internet expense (sales)

10,620

Income Tax Expense

115,600

Depreciation Expense (sales equipment)

2,090

Depreciation Understatement due to Error2020 (net of tax)

20,960

Maintenance and Repairs Expense (sales)

6,660

Dividends (declared on preference shares)

10,600

Miscellaneous Selling Expenses

5,470

Dividends (declared on ordinary shares)

41,500

Supplies Expense

4,460

Telephone and Internet Expense (administration)

3,960

Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earning fint WILDHORSE CORPORATION Retained Earnings Statement For the Year Ended June 30, 2022 Retained Earnings, July 1, 2021, as Reported Correction of Depreciation Understatement Retained Earnings, July 1, 2021. as Adjusted Add Net Income /(Loss) Less Dividends Declared on Preference Shares Dividends Declared on Ordinary Shares Add Net Income /(Loss) Dividends Dedared on Preference Shares Dividends Declared on Ordinary Shares Retained Earnings, June 30, 2022 The following account balances were included in the trial balance of Wild Sales Revenue $1,800,000 D Sales Discounts 35.120 PI Cost of Goods Sold 1,021,720 Ba Salaries and Wages Expense (sales) 63,710 M Sales Commissions 112,080 01 Travel Expense (salespersons) 33,340 Sa Delivery Expense 23,920 Di Entertainment Expense 16.960 Int Telephone and Internet expense (sales) 10,620 Inc Depreciation Expense (sales equipment) 2,090 De Maintenance and Repairs Expense (sales) 6,660 Dis Miscellaneous Selling Expenses 5,470 Dis Supplies Expense 4,460 Telephone and Internet Expense (administration) 3,960 cluded in the trial balance of Wildhorse Corporation at June 30, 2022. $1,800,000 Depreciation Expense (office furniture and equipment) $9.200 35,120 Property Tax Expense 9,260 1.021,720 Bad Debt Expense (selling) 5.580 63.710 Maintenance and Repairs Expense (administration) 10,700 112,080 Office Expenses 6,500 33,340 Sales Returns and Allowances 71,940 23,920 Dividend Revenue 44,000 16,960 Interest Expense 21.200 10,620 Income Tax Expense 115,600 2,090 20.960 Depreciation Understatement due to Error-2020 (net of tax) Dividends (declared on preference shares) 6,660 10,600 5.470 Dividends (declared on ordinary shares) 41,500 4,460 3.960 The Retained Earnings account had a balance of $383,500 at July 1, 2021. There are 91,200 ordinary shares outstanding