Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of $2024,$ Flay decided to change to the LIFO method. As a result of the change, net income in $2024$ was $$84$ million. If the company had used LIFO in $2023,$ its cost of goods sold would have been higher by $$5$ million that year. Flay$$s records of inventory purchases and sales are not available for $2022$ and several previous years. Last year, Flay reported the following net income amounts in its comparative income statements:

$($$ in millions$)202120222023$

Net income $ $84$ $ $86$ $ $88$

Required:

$1.$ Prepare the journal entry at the beginning of $2024$ to record the change in accounting principle. $($Ignore income taxes.$)$

$2.$ Will Flay apply the LIFO cost method retrospectively or apply the LIFO cost method prospectively?

$3.$ What amounts will Flay report for net income in its $20222024$ comparative income statements?