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Shannon inc changed from the lifo cost flow assumption to

1. Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2010. The increase in the prior year's income before taxes is $1,200,000. The tax rate is 40%. Prepare Shannon's 2010 journal entry to record the change in accounting principle.

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Accounting Basics: Shannon inc changed from the lifo cost flow assumption to

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