(L01) Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in...
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(L01) Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2017. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 40%. Prepare Shannon’s 2017 journal entry to record the change in accounting principle.
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Jehal Shah
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