A combined statement of income and retained earnings for Monty Ltd. for the year ended December 31, 2023, follows. (As a private company, Monty 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 Monty. Monty Ltd. Combined Statement of Income and Retained Earnings For the Year Ended December 31, 2023 Sales revenue $ 5,780,000 Cost of goods sold 2,850,000 Gross profit 2,930,000 Selling, general, and administrative expenses 1,780,000 Income before income tax 1,150,000 Income tax expense 402,500 Income before unusual item 747,500 Loss from tornado (net of taxes) 485,875 Net income 261,625 Retained earnings, January 1 Retained earnings, December 31 971,750 $ 1,233,375 For each of the three unrelated situations, prepare a revised combined statement of income and retained earnings for Monty. The company has a 35% income tax rate.