B. The following information relates to Y5: Y5 net income was originally calculated as $160,000 and $40,000 in dividends were declared during Y5. ABC is charged a tax rate of 40%. . During Y5, ABC decided to change its depreciation method from double-declining balance method to straight-line for some of its assets. This resulted in a pre-tax decrease in annual depreciation expense of $10,000. This impact was not included in the Y5 net income listed in the first bullet point because ABC made this change after they generated the Y5 net income amount. Additionally in Y5, ABC discovered that they understated a gain on the sale of equipment in Y3 by $25,000 and understated Y4 depreciation expense by $30,000. At the end of Y5, after the net income reported in the first bullet above was calculated, ABC decided to change from LIFO to FIFO. The following COGS information was determined under each method. The net income number given in the first bullet point was calculated for Y5 using LIFO. Date FIFO COGS Y1 $135,000 Y2 $115,000 Y3 Y4 15 $140,000 $150,000 $145,000 LIFO COGS $120,000 $130,000 $110,000 $100,000 $115,000 C. ABC reported two years on the face of the income statement during Y5. Use this information to answer the following questions. 1. What is beginning retained earnings calculated at 1/1/Y4? 340000 2. What is beginning retained earnings at 1/1/Y4 after any adjustments? type your answer... 3. What is corrected Y5 net income? type your answer.... 4. What is ending retained earnings at 12/31/Y5? type your answer... Submit

B. The following information relates to YS: - Y5 net income was originally calculated as $100,000 and $40,000 in dividends were declared during Y5. - ABC is charged a tax rate of 40% - During V5,ABC decided to change its depreciation method from double-declining balance method to straight-fine for some of its assets. This resulted in a pre-ta: decrease in annual depreciation expense of $10,000. This impact was not included in the Y5 net income listed in the first bullet point hecause ABC made this change after they generated the YS net incorne amount. - Additionally in Y5, ABC discovered that they understated a gain on the sale of equipenent in Y 3 by $25,000 and understated Y4 depreciation expense by $30,000. - At the end of YS, after the net income reported in the first bullet above was calculated, ABC decided to change from LIFO to FIFO The following COGS information was determined under each method. The net income number given in the first bullet point was calculated for Y5 using LIFO C. Asc reported two years on the face of the income statement during Y5 Uie this information to answer the following questions 1. What is beginning retained earnings cakubted at 1/1/Y4 ? 2. What is beginning refained earnings at 1/1/Y4 after any adjustments? a. What h corrected YS net income? 4. What is ending retained earnines at 12/31/Y5