CoronadoCompany uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,495,000. At December 31, 2020,Coronado's internal reports indicated that the FIFO inventory balance was $3,056,800and for external reporting purposes the LIFO inventory balance was $1,459,200.

1) What is the amount of the LIFO reserve and the LIFO effect related to 2020?

LIFO reserve at December 31, 2020 = ?

LIFO effect for 2020 = ?

2) What is the journal entry needed to record the LIFO effect at December 31, 2020?