Presented below are income statements prepared on a LIFO and FIFO basis for Sarasota Company, which started operations on January 1, 2019. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2020. The FIFO income statement is computed in accordance with the requirements of GAAP. Sarasota's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis 2020 2019 $3,000 $3,000 1,150 1,030 1,030 820 940 Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense Net income FIFO Basis 2020 2019 $3,000 $3,000 1,130 950 1.030 1,030 1,020 1,030 94 $738 $738 $846 $846 $748 $926 $926 Answer the following questions. If comparative income statements are prepared, what net income should Sarasota report in 2019 and 2020? (Round answers to O decimal places, e.g. 125.) 2020 2019 Net income s Assume that Sarasota has a beginning balance of retained earnings at January 1, 2020, of $846 using the LIFO method. The company declared and paid dividends of $520 in 2020. Prepare the retained earnings statement for 2020, assuming that Sarasota has switched to the FIFO method. (Round answers to 0 decimal places, e.g. 125.) SARASOTA COMPANY Retained Earnings Statement