Question: 20 Company C changes to the LIFO inventory method in 19C. During 19A and 19B, it used FIFO. Had LIFO been used in those years,

20 Company C changes to the LIFO inventory method in 19C. During 19A and 19B, it used FIFO. Had LIFO been used in those years, income before taxes would have been lower by $10,000 and $15,000, respectively. If we assume a tax rate of 30%, what entry is required in 19C? Why?

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