CALCULATOR PRINTER VERSION 4 BACK www If comparative income statements are prepared, what net income should Blue report in 2016 and 2017? (Round answers to 0 decimal places, e.g. 125.) 2017 2016 Net income $ $ Assume that Blue has a beginning balance of retained earnings at January 1, 2017, of $945 using the LIFO method. The company declared and paid dividends of $490 in 2017. Prepare the retained earnings statement for 2017, assuming that Blue has switched to the FIFO method. (Round answers to 0 decimal places, e.g. 125.) BLUE COMPANY Retained Earnings Statement $ Click if you would like to Show Work for this ourstinn Onan Shala Rieso, Intermediate Accounting, 16e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT Exercise 22-5 Presented below are income statements prepared on a LIFO and FIFO basis for Blue Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement is computed in accordance with the requirements of GAAP. Blue's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit sharing. Income taxes are ignored. Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense Net income LIFO Basis 2017 2016 $3,010 $3,010 1,150 980 980 980 880 1,050 88 105 $792 $945 FIFO Basis 2017 2016 $3,010 $3,010 1,060 950 980 980 970 1,080 100 105 $870 $975 Answer the following questions. If comparative income statements are prepared, what net income should Blue report in 2016 and 2017? (Round answers to 0 decimal places, e.g. 125.)