View Policies Current Attempt in Progress At January 1, 2020, Sheridan Company reported retained earnings of $1,800,000. In 2020, Sheridan discovered that 2019 depreciation expense was understated by $360,000. In 2020, net income was $750,000 and dividends declared were $200,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Sheridan Company. SHERIDAN COMPANY Retained Earnings Statement eTextbook and Media