Chapter 22 Homework Question 3 of 8 < 0/1 III E Sarasota 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: Retained Earnings (Ending Balance) Net Income Under Average-Cost Under FIFO Under Average Cost 2015 $56,000 $60,000 $57,000 2016 119,000 129,000 184,000 2017 164,000 188,000 305,000 2018 111,000 116,000 416,000 al What is the beginning retained cornings balance at Januar: 1.2016 if Saracota pronares.comparative financial statements starting Chapter 22 Homework Question 3 of 8 < > 0/1 (a) What is the beginning retained earnings balance at January 1, 2016, if Sarasota prepares comparative financial statements starting in 2018? Retained earnings, January 1 $ 60000 (b) What is the beginning retained earnings balance at January 1, 2018, if Sarasota prepares comparative financial statements starting in 2018? Retained earnings, January 1 $ 355000 (c) What is the beginning retained earnings balance at January 1, 2019, if Sarasota prepares comparative financial statements starting in 2019? Retained earnings, January 1 $ 445000 (d) What is the net income reported by Sarasota in the 2018 income statement if it prepares comparative financial statements starting with 2016? Not lecame 115000