1.25 pts.Munich Company has the following balance sheets and retained earnings statements:20202019Cash$10,000$15,000Receivables12,00010,000Inventories (LIFO)21,00018,000Other Assets30,00020,000$73,000$63,000Capital Stock$40,000$30,000Retained Earnings43,00033,000$83,000$63,000Retained Earnings Jan 1$33,000$35,000Income15,00012,000Dividends-5,000-14,000Retained Earnin Dec 31$43,000$33,000The above incomes are based on LIFO Cost of Goods Sold.Munich changed from LIFO to FIFO on January 1, 2020.December 31, 2020 inventory at FIFO is $25,000 while December 31, 2019 inventory at FIFO is $21,000.Inventory at January 1, 2019 was zero.Journalize the correction at January 1, 2020.