Exercise 20-1 (Algo) Change in principle; change in inventory methods [LO2O-2] During 2022 (its first year of operations) and 2023. Fien Foods used the FFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024 , Fieri decided to change to the overage method for both financial reporting and tax purposes: Income components before income tax for 2022, 2023, and 2024 were os follows: Dividends of $23 million were paid each year. Flert's flscal yeer ends December 31. Required: 1. Prepore the journal entry at the beginning of 2024 to record the change in accounting principle, (fignore income taxes.) 2 Prepare the 2024-2023 comparative income statements. 3. \& 4, Determine the balance in retained earnings at January 1, 2023, as Fleri reported using FiFO method and determine the adjustment of bolance in retained earnings as on January 1,2023 using average method instead of FFO method. Complete this question by entering your answers in the tabs below. Prepare the journal entry at the beginning of 2024 to record the change in accounting principle. (Ignore income taxes.) Note: If no entry is required for a trannctionvevent, select "No joumal entry required" in the first account field. Enter. vour answers in Journal entry worksheet Fiecord the change in accounting principle