Buffalo 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.

		Net Income				Retained Earnings (Ending Balance)
		Under FIFO		Under Average-Cost		Under FIFO
2015		$105,600		$96,500		$103,600
2016		71,200		66,700		150,300
2017		94,400		85,200		254,600
2018		120,900		131,600		321,300
2019		278,800		268,400		566,000
2020		277,800		283,200		756,600

(a) What is the beginning retained earnings balance at January 1, 2017, if Buffalo prepares comparative financial statements starting in 2017?

Retained earnings, January 1

(b) What is the beginning retained earnings balance at January 1, 2020, if Buffalo prepares comparative financial statements starting in 2020?

Retained earnings, January 1

(c) What is the beginning retained earnings balance at January 1, 2021, if Buffalo prepares single-period financial statements for 2021?

Retained earnings, January 1

(d) What is the net income reported by Buffalo in the 2020 income statement if it prepares comparative financial statements starting with 2018?

		2018		2019		2020
Net Income