Larkspur 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 $102,300 $93,000 $91,800 2016 66,400 61,600 151,300 2017 91,200 81,500 249,800 2018 124,100 133,700 310,300 2019 319,700 310,000 536,700 2020 312,600 317,900 757,900

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

Retained earnings, January 1 $enter the Retained earnings at January 1 in dollars

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

Retained earnings, January 1 $enter the Retained earnings at January 1 in dollars

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

Retained earnings, January 1 $enter the Retained earnings at January 1 in dollars

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

2018 2019 2020 Net Income $enter a dollar amount

Larkspur 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. 2015 2016 2017 2018 2019 2020 Net Income Under FIFO Under Average-Cost $102,300 $93,000 66,400 61,600 91,200 81,500 124,100 133,700 319,700 310,000 312,600 317,900 Retained Earnings (Ending Balance) Under FIFO $91,800 151,300 249,800 310,300 536,700 757,900 (a) What is the beginning retained earnings balance at January 1, 2017, if Larkspur prepares comparative financial statements starting in 2017? Retained earnings, January 1 $ (b) What is the beginning retained earnings balance at January 1, 2020, if Larkspur prepares comparative financial statements starting in 2020? Retained earnings, January 1 $ $ (c) What is the beginning retained earnings balance at January 1, 2021, if Larkspur prepares single-period financial statements for 2021? (d) What is the net income reported by Larkspur in the 2020 income statement if it prepares comparative financial statements starting with 2018? 2018 2019 2020 Net Income $ $ $ LA