In preparation for significant expansion of its international operations, Marigold Co. has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a switch from LIFO inventory accounting to FIFO trecall that IFRS does not allow LIFO), Marigold decides to make the switch to FIFO at January 1, 2020. The following data pertains to Marigold's 2020 financial statements (in millions of dollars). $650 450 Sales Inventory purchases 12/31/20 inventory (using FIFO) Compensation expense 680 27 All sales and purchases were with cash. All of 2020's compensation expense was paid with cash. (ignore taces) Marigold's property, plant, and equipment cost $500 million and has an estimated useful life of 10 years with no salvage value. Marigold Co. reported the following for fiscal 2019 Un millions of dollars): MARIGOLD CO. BALANCE SHEET AT DECEMBER 31, 2019 2019 2018 2019 2018 Cash $ 455 $ 300 s 600 $ 600 Common stock Retained earnings 600 580 855 730 Inventory Property plant and equipment Accumulated depreciation 500 500 1700 150 Total assets 5 1455 51330 Toalety $1.455 $ 1.330 MARIGOLDCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 2019 $ 600 (400) Sales Cost of goods sold Depreciation expertise Compensation expenst Net Income 50 125 $ 125 Summary of Significant Accounting Policies Inventory. The company accounts for inventory by the LIFO method. The current cost of the company's inventory, which per cadentes FIFO was 70 and 56 higher at the end of fiscal 2019 and 2018 respectively than those reported in the balance sheet. (a) Prepare Marigolo's December 31, 2020, balance sheet and an income statement for the year ended December 31, 2020. In columes beside 2020's numbers Indude 2019mbers as they would appear in the 2020 parcial statements for comparative poses in order of liquidity) MARIGOLDCO Balance Sheet 2020 2019 2020 2019 > MARIGOLDCO Income Statement 2020 2019 In preparation for significant expansion of its international operations, Marigold Co. has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a switch from LIFO inventory accounting to FIFO trecall that IFRS does not allow LIFO), Marigold decides to make the switch to FIFO at January 1, 2020. The following data pertains to Marigold's 2020 financial statements (in millions of dollars). $650 450 Sales Inventory purchases 12/31/20 inventory (using FIFO) Compensation expense 680 27 All sales and purchases were with cash. All of 2020's compensation expense was paid with cash. (ignore taces) Marigold's property, plant, and equipment cost $500 million and has an estimated useful life of 10 years with no salvage value. Marigold Co. reported the following for fiscal 2019 Un millions of dollars): MARIGOLD CO. BALANCE SHEET AT DECEMBER 31, 2019 2019 2018 2019 2018 Cash $ 455 $ 300 s 600 $ 600 Common stock Retained earnings 600 580 855 730 Inventory Property plant and equipment Accumulated depreciation 500 500 1700 150 Total assets 5 1455 51330 Toalety $1.455 $ 1.330 MARIGOLDCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 2019 $ 600 (400) Sales Cost of goods sold Depreciation expertise Compensation expenst Net Income 50 125 $ 125 Summary of Significant Accounting Policies Inventory. The company accounts for inventory by the LIFO method. The current cost of the company's inventory, which per cadentes FIFO was 70 and 56 higher at the end of fiscal 2019 and 2018 respectively than those reported in the balance sheet. (a) Prepare Marigolo's December 31, 2020, balance sheet and an income statement for the year ended December 31, 2020. In columes beside 2020's numbers Indude 2019mbers as they would appear in the 2020 parcial statements for comparative poses in order of liquidity) MARIGOLDCO Balance Sheet 2020 2019 2020 2019 > MARIGOLDCO Income Statement 2020 2019