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Ginger Company's preliminary income statement for 2020 and its reported income statement for 2019 are given below. Sales Revenues Cost of Goods Sold Gross Profit Depreciation Other Expenses Net Income 2020 1,350,000 (675,000) 675,000 (172,500) (162,000) 340.500 2019 1,320,000 (637,500) 682,500 (172,500) (153,000) 357,000 Ginger's records reveal the following information: (1) Ginger failed to accrue $12,000 of commissions expense at the end of 2019. The commissions expense was recorded as paid in 2020. (2) On 1/1/18, Ginger purchased a machine for $200,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining balance with no residual. (3) At the end of 2020, Ginger decided to change its inventory costing method from the average costing method to the FIFO costing method. An analysis of the accounting records provides the following cost of goods sold amounts under average cost and FIFO: Year 2018 2019 2020 Average 645,000 637,500 675,000 FIFO 615,000 630,000 648,000 (4) Ginger acquired a machine on 1/3/18 for $110,000 and estimated its useful life to be 6 years with a salvage value of $20,000. In 2020, after the preliminary statements were prepared, Ginger realized that the machine could be used for an additional 5 years, but that the salvage value at the end of that time would probably be only $10,000. Straight-line depreciation is being used. Required: A. Prepare the necessary journal entries at December 31, 2020, to record the above information. B. Prepare new comparative income statements to reflect the adjustments required (1) through (4) above. You may ignore income taxes. C. Retained earnings reported for the end of 2019 was $2,409,000 and at the end of 2018 was $2,112,000. Dividends of $60,000 were declared in each year. Prepare comparative statements of retained earnings for Ginger Company for 2020 and 2019, reflecting appropriate adjustments from items (1)-(4) above, ignoring income taxes. Ginger Company's preliminary income statement for 2020 and its reported income statement for 2019 are given below. Sales Revenues Cost of Goods Sold Gross Profit Depreciation Other Expenses Net Income 2020 1,350,000 (675,000) 675,000 (172,500) (162,000) 340.500 2019 1,320,000 (637,500) 682,500 (172,500) (153,000) 357,000 Ginger's records reveal the following information: (1) Ginger failed to accrue $12,000 of commissions expense at the end of 2019. The commissions expense was recorded as paid in 2020. (2) On 1/1/18, Ginger purchased a machine for $200,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining balance with no residual. (3) At the end of 2020, Ginger decided to change its inventory costing method from the average costing method to the FIFO costing method. An analysis of the accounting records provides the following cost of goods sold amounts under average cost and FIFO: Year 2018 2019 2020 Average 645,000 637,500 675,000 FIFO 615,000 630,000 648,000 (4) Ginger acquired a machine on 1/3/18 for $110,000 and estimated its useful life to be 6 years with a salvage value of $20,000. In 2020, after the preliminary statements were prepared, Ginger realized that the machine could be used for an additional 5 years, but that the salvage value at the end of that time would probably be only $10,000. Straight-line depreciation is being used. Required: A. Prepare the necessary journal entries at December 31, 2020, to record the above information. B. Prepare new comparative income statements to reflect the adjustments required (1) through (4) above. You may ignore income taxes. C. Retained earnings reported for the end of 2019 was $2,409,000 and at the end of 2018 was $2,112,000. Dividends of $60,000 were declared in each year. Prepare comparative statements of retained earnings for Ginger Company for 2020 and 2019, reflecting appropriate adjustments from items (1)-(4) above, ignoring income taxes