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Exercise 22-04 Ivanhoe Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its inception. In 2021, it decides to switch to the average-cost method. You are provided with the following information. 2015 2016 2017 2018 2019 2020 Net Income Under FIFO Under Average-Cost $93,000 $84,000 75,100 70,300 94,100 84,300 127,400 137,300 293,300 282,800 325,900 330,600 Retained Earnings (Ending Balance) Under FIFO $96,500 149,900 252,800 342,000 598,900 765,900 (a) What is the beginning retained earnings balance at January 1, 2017, if Ivanhoe prepares comparative financial statements starting in 2017? Retained earnings, January 1 (b) What is the beginning retained earnings balance at January 1, 2020, if Ivanhoe prepares comparative financial statements starting in 2020? Retained earnings, January 1 (c) What is the beginning retained earnings balance at January 1, 2021, if Ivanhoe prepares single-period financial statements for 2021? Retained earnings, January 1 (d) What is the net income reported by Ivanhoe in the 2020 income statement if it prepares comparative financial statements starting with 2018? 2018 2019 2020 Net Income $ $ Click if you would like to Show Work for this question: Open Show Work

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