Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2020. The following data were available:

Year	Pretax Operating	Excess of FIFO Ending Inventory
	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:

c.	Prepare the 2019 statement of retained earnings as it would appear in the comparative 2019-2020 financial statements.

c. Prepare the 2019 statement of retained earnings as it would appear in the comparative 2019-2020 financial stat Retained Earnings Instructions Score: 5/51 Tulip Company Statement of Retained Earnings For the Year Ended December 31, 2019 $22,100.00 1 December 31, 2019 2 Add: 2019 net income (restated) 7,000.00 3 $29,100.00 4 5 $37,050.00