Question 8 Not yet answered Points out of 2.00 F Flag question Net Income 20X1 Net Income 20X2 Net Income 20X3 100,000 FIFO (Old) 105,000 250,000 Weighted Average (New) 70,000 85,000 210,000 The Chippewa Company decided to change from FIFO to Weighted Average late in Year 20X3. Year 20X1 was the first year of operations. The Statement of Retained Earnings for year-end 12/31/X3 shows two columns, 20X2 and 20X3 20X2 20X3 Retained Eamings, Jan 1, previously reported Adjustment for cumulative effect on prior years of applying change retrospectively Retained Eamings, Jan 1, as adjusted Net Income Retained Eamings, Dec. 31 What amount will be shown in the 20X3 column on the "Retained Earnings, Dec. 31" line? Select one ? ?.$340,000 b. $210,000 O c. $305,000 O d $155,000 e. $365,000 9