During 2019 (its first year of operations) and 2020, Fleri Foods used the FIFO inventory costing method for Ba purposes. At the beginning of 2021, Fieri 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: ($ in millions) Revenues Cost of goods sold (FIFO) Cost of goods sold (average) Operating expenses 2019 2020 2021 $ 410 $420 $ 450. (49) (41) (43) (58) (62) (68) (254) (262) (266) Dividends of $22 million were paid each year. Fieri's fiscal year ends December 31. Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.) 2. Prepare the 2021-2020 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. No Date General Journal 1 January 01, 2021 Retained earnings Inventory Debit Credit ? 7 Prepare the 2021-2020 comparative income statements. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) COMPARATIVE INCOME STATEMENTS 2021 2020 ($ in millions) Revenues $ Cost of goods sold 450 68 Operating expenses Net income 262