Columbia Corporation used the LIFO inventory cost flow method. At the beginning of 2021, Columbia decided to change to the FIFO method. The value of Columbia's inventories reported on its balance sheet as of December 31, 2020 was $566,000 using the LIFO method. If Columbia had used the FIFO method in 2020, its inventories would have been valued at $535,000 as of December 31, 2020. What steps should Columbia take to report this change (ignoring income tax effects)