Prepare journal entry for change in accounting principle, Accounting Basics

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Prepare journal entry for change in accounting principle

Response to the following problem:

Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2014. The increase in the prior year's income before taxes is $1,200,000. The tax rate is 40%. Prepare Shannon's 2014 journal entry to record the change in accounting principle.

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Accounting Basics: Prepare journal entry for change in accounting principle

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