9) On January 1, 2025, Frost Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $900,000 increase in the January 1, 2025 inventory. Assume that the income tax rate for all years is 20%. The cumulative effect of the accounting change should be reported by Frost in its 2025 A) income statement as a $720,000 cumulative effect of accounting change. B) retained earnings statement as a $900,000 addition to the beginning balance. C) income statement as a $900,000 cumulative effect of accounting change. D) retained earnings statement as a $720,000 addition to the beginning balance