The Pina Colada Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Pina Colada reported net income and declared dividends as follows: Net income Dividends declared 2017 $52,000 $0 2018 138,000 50,000 2019 168,000 50,000 The following information is for 2020: Income before income tax $310,000 Correction of prior period error: understatement of 2018 depreciation expense (before tax) 37,000 Cumulative increase in prior years income from change in inventory method (before tax) 47,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2021) 100,000 Effective tax rate 40%

Prepare a 2020 statement of retained earnings for Pina Colada Corporation. The company follows ASPE. (List items that increase retained earnings first.)