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The Crump Companies, Inc., has ownership interests in several public companies. At the beginning of 2018, the company's ownership interest in the common stock of Silken Properties increased to the point that it became appropriate to begin using the equity method of accounting for the investment. The balance in the investment account was $50 million at the time of the change. Accountants working with company records determined that the balance would have been $86 million if the account had been adjusted to reflect the equity method. Required: 1. Prepare the journal entry to record the change in accounting principle. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet General Journal No Event Debit Credit Investments Retained earnings Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2018, Flay decided to change to the LIFO method. As a result of the change, net income in 2018 was $76 million. If the company had used LIFO in 2017, its cost of goods sold would have been higher by $7 million that year. Flay's records of inventory purchases and sales are not available for 2016 and several previous years. Last year, Flay reported the following net income amounts in its comparative income statements: ($ in millions) Net income 2017 2016 2015 $80 $78 $76 Prepare the journal entry at the beginning of 2018 to record the change in accounting principle. (Ignore income taxes.) (If n required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions ( 10,000,000 should be entered as 10).) View journal entry works heet View transaction list General Journal No Event Debit Credit 1 Retained earnings Inventory What amounts will Flay report for net income in its 2018-2016 comparative income statements? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 2018 2017 2016 (S in millions) Net income LIFO LIFO FIFO (revised)