Flounder Corporation began operations on January 1, 2021. For the first year of its operations, the company's controller (who had taken only one introductory accounting course) used the LIFO method of costing inventories. At the end of the company's second year (i.e., December 31, 2022), the company decided to have its financial statements audited, during which the external auditor informed Flounder that LIFO was not an allowable accounting policy choice in Canada. As a result, Flounder changed from LIFO to FIFO at the end of 2022. Following is information regarding the inventory balances at the end of 2021 and 2022: Year FIFO LIFO 2021 $213,000 $144,000 2022 391,000 311,000 Prepare the necessary journal entry to record the correction of the accounting error. Assume that year-end adjusting entries have been made, but the 2022 books have not yet been closed. Assume that Flounder has a 25% income tax rate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Inventory 80000 Cost of Goods Sold 11000 Retained Earnings 51750 Income Tax Payable 17250