Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2020. The following data were available: Pretax Operating Excess of FIFO Ending Inventory Year Income using LIFO over LIFO Ending Inventory 2020 $40,000 $8,000 2019 20,000 7,000 2018 30,000 4.000 The income tax rate is 35%. The company began operations on January 1, 2018, and has paid no dividends since inception. Required: Answer the following questions relating to the 2019-2020 comparative financial statements a. What is net income for 2020? b. What is restated net income for 2019? c. Prepare the 2019 statement of retained earnings as it would appear in the comparative 2019-2020 financial statements Labels and Amount Descriptions Labels December 31, 2019 For the Year Ended December 31, 2019 Amount Descriptions Adjustment for accounting change from LIFO to FIFO (net of tax) December 31, 2019, retained earnings (restated) Income from continuing operations January 1, 2019, retained earnings as reported (using LIFO) January 1, 2019, retained earnings (restated) 2019 net income (restated) 2019 net loss (restated) X Instructions Labels and Amount Descripti First Questions a. What is net income for 2020? b. What is restated net income for 2019? S X c. Prepare the 2019 statement of retained earnings as it would appear in the comparative 2019-2020 financial statements. Retained Earnings Instructions S Tulip Company Statement of Retained Earnings (Label)