XYZ Co reports the following information: Correction of understatement of depreciation expense in prior years, net of tax 430,000 Dividends declared, 2020 320,000 Net income for 2020 1,000,000 Retained earnings, 1/1/2020, as reported 2,500,000 XYZ should report retained earnings, 31/12/ 2020, of Select one: a. 3,610,000 b. 2,070,000 C. 2,750,000 d. 3,180,000