A combined statement of income and retained earnings for Bridgeport Ltd$.$ for the year ended December $31,2023,$ follows. $($As a private company, Bridgeport has elected to follow ASPE.$)$ Also presented are three unrelated situations involving accounting changes and the classification of certain items as ordinary or unusual. Each situation is based on the combined statement of income and retained earnings of Bridgeport.

Bridgeport Ltd$.$

Combined Statement of income and Retained Earnings For the Year Ended December $31,2023$

Sales revenue

Cost of goods sold

Grossprofit

Selling, general, and income before incon Income tax expense

Income before unusual item

Loss from tornado $($net of taxes$)$

Net income

Retained earnings, January $1$

Retained earnings, December $31$

$$5,520,000$

$\frac{2,840,000}{2,680,000}$

$\frac{1,890,000}{790,000}$

$\frac{276,500}{513,500}$

$333\mathrm{.}775$

$179,725$

$693,225$

$$,872,950$

For each of the three unrelated situations, prepare a revised combined statement of income and retained earnings for Bridgeport. The company has a $35\%$ income tax rate.