Critical Thinking 14-05 a Your answer is partially correct. Try again. The stockholders' equity accounts of Oriole, Inc., at January 1, 2020, are as follows. Preferred Stock, no par, 5,800 shares issued $580,000 Common Stock, no par, 106,000 shares issued 530,000 Retained Earnings 480,000 During 2020, the company had the following transactions and events. 1 1 July Aug Sept. Dec. 1 1 Declared a $0.50 cash dividend per share on common stock Discovered a $69,000 overstatement of 2019 depreciation expense. (Ignore income taxes.) Paid the cash dividend declared on July 1. Declared a 10% stock dividend on common stock when the market price of the stock was $11 per share. Declared a $6 per share cash dividend on preferred stock, payable January 31, 2021. Determined that net income for the year was $440,000. 15 31 (a) Determine the retained earnings balance at December 31, 2020 by preparing the retained earnings statement. There are no preferred dividends in arrears. (List items th first.) ORIOLE, INC. Retained Earnings Statement For the Year Ended December 312020 Balance, January 1, as previously reported Correction of 2019 depreciation X Balance, January 1, as corrected x Add Net income/(Loss) Less Cash dividends--preferred x 0.... Cash dividends--common x Stock dividends-common x X Balance, December 31