A company has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of Year $24,$ a company decided to change to the LIFO method. As a result of the change, net income in Year $24$ was $$72$ million. If the company had used LIFO in Year $23,$ its cost of goods sold would have been higher by $$5$ million that year. The company$$s records of inventory purchases and sales are not available for Year $22$ and several previous years. Last year, the company reported the following net income amounts in its comparative income statements:

$($$ in millions$)$ Year $21$ Year $22$ Year $23$

Net income $ $72$ $ $74$ $ $76$

Required:

$1.$ Prepare the journal entry at the beginning of Year $24$ to record the change in accounting principle. $($Ignore income taxes.$)$

$3.$ What amounts will the company report for net income in its Years $2224$ comparative income statements?