3. Ivanhoe Company began operations on July 1, 2015 , and has used the average-cost method of inventory valuation since its inception. In 2019, it decides to switch to the FIFO method. You are provided with the following information: Net Income Retained Earnings (Ending Balance) Under Average-Cost Under FIFO Under Average Cost 2015 $58,000 $63,000 $53,000 2016 127,000 137,000 179,000 2017 157,000 181,000 319,000 2018 106,000 110,000 405,000 (a) What is the beginning retained earnings balance at January 1, 2016, if Ivanhoe prepares comparative financial statements starting in 2018? Retained earnings, January 1 $enter the amount of retained earnings at January 1 in dollars (b) What is the beginning retained earnings balance at January 1, 2018, if Ivanhoe prepares comparative financial statements starting in 2018? Retained earnings, January 1 $enter the amount of retained earnings at January 1 in dollars (c) What is the beginning retained earnings balance at January 1, 2019, if Ivanhoe prepares comparative financial statements starting in 2019? Retained earnings, January 1 $enter the amount of retained earnings at January 1 in dollars (d) What is the net income reported by Ivanhoe in the 2018 income statement if it prepares comparative financial statements starting with 2016? Net Income $enter the net income in dollars