Columbia Corp. began operations in 2024. On January 1, 2025, Columbia Corp. changed its inventory method to FIFO from LIFO for financial reporting purposes. The change increased the Inventory account on January 1. The cumulative effect of the accounting change should be reported by Columbia in its 2025 O retained earnings statement as an addition to the beginning 2025 retained earnings balance. O retained earnings statement as an addition to the 2024 ending retained earnings balance. O income statement as a cumulative effect of accounting change. O2025 retained earnings retained earnings statement as a deduction from the 2025 beginning retained earnings balance