Hunt Club Corporation reports the following information for the fiscal year of 2020: Correction of understatement of depreciation expense in 2019, net of tax......... $ 1,376,000 Dividends declared 1,024,000 Net income ....... 3,200,000 Retained earnings, January 1, 2020, as reported before correction. 6,400,000 The tax rate is 30%. Hunt Club should report retained earnings at January 1, 2020, after correction: $5,024,000. $7,200,000. $8,576,000. $5,436,800 none of the above