The Drennan Corporation had a balance in Retained Earnings on December 31, 20x1 of 520,000. During \(20 \times 2\), the company reported a profit of 224,000 after taxes. In addition, the company located an 88,000 (net of taxes) error that resulted in an overstatement of prior years' profit and meets the criteria for adjustment. During 20x2, the company declared cash dividends totalling 32,000 .

Prepare the company's statement of retained earnings for the year ended December \(31,20 \times 2\).