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Please only help me the B question! Please explain it to me with detailed information,...

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Accounting

imagePlease only help me the B question! Please explain it to me with detailed information, thank u very much!

E4.12 (LO 4, 5) (Retained Earnings Statement) McEntire Corporation began operations on January 1, 2019. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. Net income Dividends declared 2019 $ 40,000 $ -0- 2020 125,000 50,000 160,000 50,000 2021 The following information relates to 2022. Income before income tax $220,000 Prior period adjustment: understatement of 2020 depreciation expense (before taxes) $ 25,000 Cumulative decrease in income from change in inventory methods (before taxes) $ 45,000 Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2023) $100,000 Effective tax rate 20% Instructions a. Prepare a 2022 retained earnings statement for McEntire Corporation. b. Assume McEntire Corporation restricted retained earnings in the amount of $70,000 on December 31, 2022. After this action, what would McEntire report as total retained earnings in its December 31, 2022, statement of financial position

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