c. Prepare the January 1, 2020, journal entry assuming the company changed from FIFO to average...

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c. Prepare the January 1, 2020, journal entry assuming the company changed from FIFO to average cost in 2020. Date Account Name Jan. 1, 2020 Allowance to Reduce Inventory to Net Realizable Value * Allowance to Reduce Inventory to Net Realizable Value * Dr. Cr. 0 x 0 x d. Assuming the change in part c, compute net income reported in 2020, 2019, and 2018, assuming a comparative income statement with two prior years reported. Income Statement 2020 2019 2018 $ 0 x $ 0 x $ 0 x Net income e. Instead, assume that the company changes from FIFO to LIFO beginning in 2020. The company is unable to estimate the LIFO amounts for earlier years. What entry does the company record for the change in accounting method on January 1, 2020? Date Account Name Jan. 1, 2020 Allowance to Reduce Inventory to Net Realizable Value * * Dr. Cr. 0 Check Allowance to Reduce Inventory to Net Realizable Value * * c. Prepare the January 1, 2020, journal entry assuming the company changed from FIFO to average cost in 2020. Date Account Name Jan. 1, 2020 Allowance to Reduce Inventory to Net Realizable Value * Allowance to Reduce Inventory to Net Realizable Value * Dr. Cr. 0 x 0 x d. Assuming the change in part c, compute net income reported in 2020, 2019, and 2018, assuming a comparative income statement with two prior years reported. Income Statement 2020 2019 2018 $ 0 x $ 0 x $ 0 x Net income e. Instead, assume that the company changes from FIFO to LIFO beginning in 2020. The company is unable to estimate the LIFO amounts for earlier years. What entry does the company record for the change in accounting method on January 1, 2020? Date Account Name Jan. 1, 2020 Allowance to Reduce Inventory to Net Realizable Value * * Dr. Cr. 0 Check Allowance to Reduce Inventory to Net Realizable Value * *