LIFO BALANCE SHEET AT 12/31/2024: Assets Liabilities & Owners Equity Cash and Cash $1,000 Accounts Payable $3,000 Equivalents Accounts Receivable, Net $1,000 Notes Payable $4,000 Inventory $8,000 Common Stock $13,000 PPE, Net $20,000 Retained Earnings $10,000 TOTAL ASSETS $30,000 TOTAL LIAB. & OWNERS $30,000 EQUITY LIFO INCOME STATEMENT FOR THE YEAR ENDING 12/31/2024: Sales Revenue $60,000 CGS ($40,000) Gross Margin $20,000 Other Gains/(Losses) ($11,000) $9,000 ($3,150) Pre-Tax Income Tax Expense (35%) Net Income $5,850 From its inception, Ella Corp. used LIFO to value its inventory. The LIFO reserve at 1/1/2024 is $500 and the LIFO reserve at 12/31/2024 is $1,200. You may assume that taxes are always 35% and all taxes are paid in cash. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Retained Earnings? $10,780 $12,000 $11,780 $10,000