Linden Corporation started operations on January 1, 2012, and has used the FIFO cost formula since its inception. In 2021, it decides to switch to the weighted average cost formula. You are provided with the following information.

Net Income Retained Earnings (Ending Balance) Under FIFO Under Weighted Average Cost Under FIFO

2015

$108,000 $95,900 $108,000

2016

74,000 67,900 172,000

2017

110,000 103,200 267,000

2018

134,000 142,800 386,000

2019

316,000 306,900 652,000

2020

316,000 321,800 853,000

Answer the following, ignoring income tax considerations.

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

Beginning retained earnings balance, January 1, 2017

$enter a dollar amount of the Beginning retained earnings balance on January 1, 2017

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

Beginning retained earnings balance, January 1, 2020 $enter a dollar amount of the Beginning retained earnings balance at January 1, 2020

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

Beginning retained earnings balance, January 1, 2021 $enter a dollar amount of the Beginning retained earnings balance on January 1, 2021

What is the net income reported by Linden in the 2020 income statement if it prepares comparative financial statements starting in 2018?

		2018		2019		2020
Net income		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount