The Following are the comparative income statements for Pannebecker Inc. for the years 2018 and 2019 (in the attachment).

ccounting Changes and Error Analysis 2019 2018 Sales $340,000 $270,000 Cost of sales 200,000 142,000 Gross profit 140,000 128,000 Expenses 88.000 50,000 Net income $ 52.000 $ 78,000 Retained earnings (Jan. 1) $125,000 $ 72,000 Net income 52,000 78,000 Dividends (30,000) (25,000) Retained earnings (Dec. 31) $147,000 $125,000 The following additional information is provided. 1. In 2019, Pannebecker Inc. decided to switch its depreciation method from sum-of-the-years'-digits to the straight-line method. The assets were purchased at the beginning of 2018 for $90,000 with an esti- mated useful life of 4 years and no residual value. (The 2019 income statement contains depreciation expense of $27,000 on the assets purchased at the beginning of 2018.) 2. In 2019, the company discovered that the ending inventory for 2018 was overstated by $20,000; ending inventory for 2019 is correctly stated. Instructions Prepare the revised retained earnings statement for 2018 and 2019, assuming comparative statements. (Ignore income taxes.)