Wolfgang Kltchens has always used the FIFO Inventory costlng method for both financlal repomng and tax purposes. At the beglnnlng have Insufficlent Informatlon to determine specific effects of uslng LIFO In 2019. Last year, Wolfgang reported the following net Income amounts In Its comparatlve Income statements: oap Requlred: 1. Prepare the pumal entry at the beglnnlng of 2021 to record the change In accountlng prlnclple. (Ignore Income taxes.) 3. What amounts wlll Wolfgang report for net Income In Its 20192021 comparat've Income statements? beginning of 2021 to the change In (Ig income tam..) (If n n ed as 10).) the chan e this bv R u red 1 Requ red 3 in tabs _ prepare the journal at the entry is required for a tr CE "No journal ento,' required' th fiEt field. Enter you ( e., 10,000,000 hou s ld e t list Journal entry worksheet accountlng Note: Enter debits before credlts,