Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58,720 $3,776 $4,300 $2,900 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Inventories Adjustment ($ in millions) $ 5,160 x 5,160 x Total assets Deferred tax liabilities $ 1,135 x 1,310 x Equity $ 010