Question
Brief Exercise 22-3 Crane, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2017. The increase in the prior
Brief Exercise 22-3 Crane, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2017. The increase in the prior year's income before taxes is $1,263,000. The tax rate is 35%. Prepare Cranes 2017 journal entry to record the change in accounting principle.
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
