Question 4 Blue Corporation began operations on January 1, 2019. During its first 3 years of...

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Question 4 Blue Corporation began operations on January 1, 2019. During its first 3 years of operations, Blue reported net income and declared dividends as follows: Net income Dividends declared 2019 $48,800 $ -0- 2020 152,500 61,000 2021 195,200 61,000 The following information relates to 2022. Income before income tax $268,400 Prior period adjustment: understatement of 2020 depreciation expense (before taxes) $30,500 Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $30,500 will be paid on Jan. 15, 2023) $54,900 $122,000 Effective tax rate 20 % Prepare a 2022 retained earnings statement for Blue Corporation. (List items that increase adjusted retained earnings first.) BLUE CORPORATION Retained Earnings Statement $ $ Question 4 Blue Corporation began operations on January 1, 2019. During its first 3 years of operations, Blue reported net income and declared dividends as follows: Net income Dividends declared 2019 $48,800 $ -0- 2020 152,500 61,000 2021 195,200 61,000 The following information relates to 2022. Income before income tax $268,400 Prior period adjustment: understatement of 2020 depreciation expense (before taxes) $30,500 Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $30,500 will be paid on Jan. 15, 2023) $54,900 $122,000 Effective tax rate 20 % Prepare a 2022 retained earnings statement for Blue Corporation. (List items that increase adjusted retained earnings first.) BLUE CORPORATION Retained Earnings Statement $ $