I would like you to answer part a.

Lancaster Company is in the process of closing its books at the end of 2020. The company's preliminary ino 2020 2019 Sales Revenues 900,000 880,000 Cost of Goods Sold [450,000) (425.000) Gross Profit 450,000 455,000 Depreciation (115,000) (115,000) Other Expenses (108,000) (102,000) Net Income 227,000 238,000 Lancaster's records reveal the following information: (1) Lancaster failed to accrue $7,000 of supplies expense at the end of 2019. The supplies expens: (2) On 1/1/18, Lancaster purchased a machine for $120,000. Although the machine was expected f The appropriate depreciation method for this machine is double declining-balance with no re: (3) At the end of 2020, Lancaster decided to change its inventory costing method from average cost the following cost of goods sold amounts under average cost and FIFO: Year FIFO Average 2018 410,000 430,000 2019 420,000 425,000 2020 432,000 450,000 (4) Lances ter acquired a truck on 1/3/18 for $75,000 and es timated its useful life to be 6 years with : prepared, Lancaster realized that the truck could be used for an additional 5 years, but that th Straight-line depreciation is being used. Required: A. Prepare the necessary journal entries at December 31, 2020, to record the above information. B. Prepare new comparative income statements to reflect the adjustments required (1) through (4); C. Retained earnings reported for the end of 2019 was $2,383,000 and at the end of 2018 was $2, 1 statements of retained earnings for Lancaster Company for 2020 and 2019, reflecting appropr