Buster Corporation has the following items for the year ending December 31, 20XX. Retained earnings, balance, January 1 - $1,600,000; corrected an error that had understated the net income two years ago - 70,000; net income (current year) - 150,000; during the current year, Buster changed its inventory method from average cost to FIFO and the cumulative effect on prior years was to decrease beginning retained earnings - 21,000. Instructions: prepare in proper format the retained earnings statement.

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