Question: Presented below is information which relates to Pharoah Ltd., a Canadian private company. Net loss$129,000 Retained earnings, January 1, 2020333,000 Cash dividends declared on common

Presented below is information which relates to Pharoah Ltd., a Canadian private company.

Net loss$129,000

Retained earnings, January 1, 2020333,000

Cash dividends declared on common shares69,000

Understatement of net income resulting from 2019 inventory error (pre-tax)90,000

Prepare in good form, a statement of retained earnings for the year ended December 31, 2020. The tax rate is 30%. (List items that increase retained earnings first.)

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