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Please fill out each box The balance in retained earnings on January 1,2020...

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Accounting

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The balance in retained earnings on January 1,2020 , for Larkspur Inc., was $550,000. During the year, the corporation paid cash dividends of $76,000 and distributed a stock dividend of $11,500. In addition, the company determined that it had overstated its depreciation expense in prior years by $63,000. Net income for 2020 was $114,000. Prepare the retained earnings statement for 2020. (List items that increase retained earnings first.)

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