Whispering Corporation has retained earnings of $ 715,700 at January 1, 2020. Net income during 2020 was $ 1,567,700, and cash dividends declared and paid during 2020 totaled $ 83,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $ 88,840 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)

Whispering Corporation has retained earnings of $ 715,700 at January 1, 2020. Net income during 2020 was $ 1,567,700, and cash dividends declared and paid during 2020 totaled $ 83,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $ 88,840 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) WHISPERING CORPORATION Retained Earnings Statement . $