Below is the net income of Crane Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.

		FIFO		Average Cost		LIFO
2018		$26,100		$23,100		$20,500
2019		30,700		25,400		22,000
2020		31,200		29,300		25,700
2021		36,100		32,300		28,100

(Ignore tax considerations.) (a) Assume that in 2021 Crane decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2021, and show net income reported for 2018, 2019, 2020, and 2021.

Account Titles and Explanation Debit Credit 2021 2020 2019 2018 Net income $ (b) Assume that in 2021 Crane, which had been using the LIFO method since incorporation in 2018, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2021 and show net income reported for 2018, 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit 2021 2020 2019 2018 Net income $