Iris Company Decided to Change from LIFO to FIFO Inventory

Iris Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2012.The following data were available:
$\begin{array}{lrr}&& \text { Excess of FIFO}\\&& \text { Ending Inventory}\\& \text { Pretax Operating } & \text { Over LIFO } \\\text { Year } & \text { Income using LIFO } & \text { Ending Inventory }\\2012 & \$ 40,000 & \$ 8,000 \\2011 & 20,000 & 7,000 \\2010 & 30,000 & 4,000\end{array}$ The income tax rate is 40%.The company began operations on January 1, 2010, and has paid no dividends since inception.
Required:
Answer the following questions relating to the 2011-2012 comparative financial statements.
a. What is net income for 2012 ?
b. What is restated net income for 2011?
c. Prepare the 2011 statement of reteined earnings as it would appear in the comprative 2011-2012 financial statements