Wildhorse Corporation has retained earnings of $677,100 at January 1, 2020. Net income during 2020 was $1,511,100, and cash dividends declared and paid during 2020 totaled $81,600. Prepare a retained earnings statement for the year ended December 31 , 2020. Assume an error was discovered: land costing $87,330 (net of tax) was charged to maintenance and repairs expense in 2019