During 2019 (its first year of operations) and 2020, Fier Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021. Flerl decided to change to the average method for both financial reporting and tax purposes. Income components before income tax for 2019, 2020, and 2021 were as follows: (s in illions) Revenues Cost of goods sold (FIFO) Cost of goods sold (average) Operating expenses 2019 2020 2021 SAO $ 490 $ 520 (48) (50) (56) (72) (76) (82) (282) (290) (294) Dividends of $29 million were paid each year Fleri's fiscal year ends December 31 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle (Ignore income taxes.) 2. Prepare the 2021-2020 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained eamings as on January 1, 2020 using average method instead of FIFO method. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req and 4 Prepare the journal entry at the beginning of 2021 to record the change in accounting principle (Ignore income taxes. If no entry is required for a transaction/event, select "No journal entry required in the first account feld. Enter your answers in millions (te 10,000,000 should be entered as 10)) View transaction list Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 and 4 Prepare the Journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore Income taxes.) (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Enter your answers in millions (ie, 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the change in accounting principle. Not Enter debts before Credits General Journal Date January 01, 2021 Debit Credit Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 and 4 Prepare the 2021-2020 comparative income statements. (Enter your answers in millions (ie., 10,000,000 should be entered as 10).) COMPARATIVE INCOME STATEMENTS 2021 2020 (s in millions) Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income ta 2. Prepare the 2021-2020 comparative income statements. 3.& 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and deter adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 and 4 Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. (Enter you answers in millions (.e., 10,000,000 should be entered as 10).) (S in millions) Retained earnings balance previously reported using FIFO, Jan 1 2020 Adjustment to balance for change in inventory methods Retained earnings balance using average method, Jan 1, 2020