Monty Company Limited reported the following for 2020: sales revenue, $1.25 million; cost of goods sold, $781,250; selling and administrative expenses, $307,000; gain on disposal of building, $262,000; and unrealized gain-OCI (related to FV-OCI equity investments with gains/losses not recycled) $18,000. Assume investments are accounted for as FV-OCI investments, with gains/losses not recycled through net income.

Prepare a statement of comprehensive income. Ignore income tax and EPS.

Cullumber Incorporated decided to change from the FIFO method of valuing inventory to the weighted average method in July 2020 to present more relevant information for its financial statement users. The cumulative effect on prior years of retrospective application of the new inventory costing method was determined to be $ 24,000 net of $ 5,500 tax. As prices were decreasing, cost of goods sold is lower and ending inventory higher for the preceding period. Retained earnings on January 1, 2020 was $ 253,000. Cullumber follows ASPE.

Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings.