Presented below is information which relates to Sandhill Ltd., a Canadian private company. Net loss $118,000 Retained earnings, January 1, 2020 332,000 Cash dividends declared on common shares 51,000 Understatement of net income resulting from 2019 inventory error (pre-tax) 71,000 Prepare in good form, a statement of retained earnings for the year ended December 31, 2020. The tax rate is 25%. (List items that increase retained earnings first.)