Vaughn Corporation began operations on January 1, 2022. During its first 3 years of operations, Vaughn reported net income and declared dividends as follows. Net income Dividends declared 2022 $43,200 $-0- 2023 135,000 54,000 2024 172,800 54,000 The following information relates to 2025. Income before income tax $259,200 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 27,000 Dividends declared (of this amount, $27,000 will be paid on Jan. 15, 2026) 108,000 Effective tax rate 20% Prepare a 2025 retained earnings statement for Vaughn Corporation. (List items that increase adjusted retained earnings first.) VAUGHN CORPORATION Retained Earnings Statement : $ $