Whispering Corporation began operations on January 1, 2017. During its first 3 years of operations, Whispering reported net income and declared dividends as follows: 2017 2018 2019 Net income $49,200 127,200 164,300 Dividends declared $-0- 54.900 53,200 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount $28,600 will be paid on Jan. 15, 2021) Effective tax rate $244,200 $28,600 $37,200 $108,100 20% Prepare a 2020 retained earnings statement for Whispering Corporation. (List items that increase adjusted retained earnings first.) WHISPERING CORPORATION Retained Earnings Statement For the Year Ended December 31, 2020 Balance, January 1, as Reported $ 340700 Correction for Depreciation Error Cumulative Decrease in Income from Change in Inventory Methods Balance, January 1, as Adjusted Add Net Income /(Loss) Less : Dividends Declared Balance, December 31 $ Assume Whispering Corporation restricted retained earnings in the amount of $69,270 on December 31, 2020. After this action, what would Whispering report as total retained earnings in its December 31, 2020, balance sheet? Total retained earnings $