Pronghorn Corporation began operations on January 1, 2016. The company's bookkeeper (who had taken only one introductory accounting course), used the Last-in-First-Out (LIFO) method of costing inventories. At the end of the company's fifth year (December 31, 2020), the company decided to have its financial statements audited, during which the external auditor informed Pronghorn that LIFO was not an allowable accounting policy choice in Canada. As a result, Pronghorn changed their policy from LIFO to First-in-First- Out (FIFO) at the end of 2020. Following is information regarding the net income reported under LIFO, what the net income would have been under FIFO, as well as + the ending retained earnings amounts reported under LIFO. Ending Net income Net Income Retained Earnings LIFO FIFO (LIFO) 2016 $206,000 $149,000 $206,000 2017 395,000 300,000 561,000 2018 287,000 310,000 786,000 2019 408,000 390,000 1,090,000 2020 582,000 595,000 1,542,000