need help with this retained earnings

Chapter 04 Homework - Statement of Retained Earnings Problem 4-03 Statement of retained earnings with PPA Maher Inc. reported the following data for 2020: Net income $ 442,000 Retained earnings, January 1 Dividends 120,000 Income tax rate for all years 104,000 20% Additional information for 2020 are as follows. 1. A machine originally purchased at the beginning of 2019 for $54,000 was depreciated on a straight-line basis with a salvage value of $9,000 and a useful life of 6 years. In 2020, the company extended the useful life to a total of ten years. Depreciation for 2020 was recorded using the new useful life. 2. The corporation changed its method of inventory costing from weighted average cost to the FIFO method in 2020. The effect of this change increased 2018 pretax income by $40,000 and increased 2019 pretax income by $20,000. The FIFO method was used for 2020. Instructions: Prepare a statement of retained earnings. 5 of 6 16 752 words LEX C Focus + 849