Barney Corporation began business on January 1, 2009. The company has released the following financial statements for 2009 and 2010 and has prepared the following proposed statements for 2011.

Barney Corporation acquired the equipment for $150,000 on January 1, 2009, and began depreciating the equipment over a 10-year estimated useful life with no salvage value, using the straight-line method of depreciation. The capitalized exploration costs reflect oil and gas drilling costs that Barney has capitalized under the full cost method. As of January 1, 2011, Barney has decided to make the following accounting changes.
(a) For justifiable reasons, Barney Corporation changed to the double-declining balance method of depreciation for the equipment as of January 1, 2011.
(b) For justifiable reasons, Barney Corporation changed from the full cost to the successful efforts method of accounting for oil and gas drilling costs as of January 1, 2011. Because none of Barney's drilling so far can be classified as "successful," all drilling costs would be expensed as incurred under the successful efforts method.
Instructions:
In 3-year comparative format, prepare the balance sheets, statements of income, and statements of retained earnings that would be reported in 2011 for the years 2009, 2010, and 2011. Barney has not yet paid any dividends. Make sure to correctly treat the accounting changes mentioned above. (Ignore any income taxeffects.)

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Barney Corporation Comparative Balance Sheets December 31 2011 2010 2009 Assets Cash $249,000 $219,000 45,000 150,000 (30,000) $384,000 $165,000 30,000 150,000 (15,000) $330,000 Equipment 150,000 (45,000) $414,000 Total assets Liabllties and Stockholders' Equity Current liabilities Common stock Retained earnings $177,000 165,000 72,000 $177,000 65,000 42,000 $394,000 $147,000 65,000 18,000 $330,000 Total liabilities and stockholders equity $414.000 Barney Corporation Comparative Income Statements For the Years Ended December 31 2011 $315.000 $240.000 2,500 7,500 5,000 $285.000 $30,000 2010 $300,000 $225,000 23,500 2,500 15,000 $276,000 24,000 2009 Sales Cost of goods sold Amortization of capitalized exploration costs Total costs $255,000 $189,000 28,000 5,000 15,000 $237,000 S 18,000 Net income