mcentire corporation began operations on january 1 2007 during its first 3 years 382308

McEntire Corporation began operations on January 1, 2007. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. net income dividend declared 2007 40000 0 2008 125000 50000 2009 160000 50000 The following information relates to 2010. Income before income tax $220,000 Prior period adjustment: understatement of 2008 depreciation expense (before taxes) 25000 Cumulative decrease in income from change in inventory methods (before taxes)$ 45,000 Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2011)$100,000 Effective tax rate 20% a>Prepare a 2010 retained earnings statement for McEntire Corporation. (Enter all amounts as positive amounts and subtract where necessary. List amounts from largest to smallest, eg 10,5,1.) b> Assume McEntire Corp. restricted retained earnings in the amount of $70,000 on December 31, 2010. After this action, what would McEntire report as total retained earnings in its December 31, 2010, statement of financial position? Total retained earnings $