Garner Company began operations on January 1, 2015, and uses the average cost method of pricing inventory Management is contemplating a change in inventory methods for 2018 The following information is available for the years 2015 2017 SEE TABLE BELOW On January 1, 2017, Garner issued 10 year, $200,000 face value, 6 bonds, at par Each $1,000 bond is convertible into 30 shares of Garner common stock The company has had 10,000 common shares outstanding throughout its life None of the bonds have been exercised as of the end of 2018 (Ignore tax effects ) Use the link included at the bottom of this page to download the Excel Template containing the spreadsheet you will need for this exercise Using the spreadsheet Journal Entries, prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018 Assume Garner Company used the LIFO method instead of the average cost method during the years 2015 2017 In 2018, Garner changed to the FIFO method Using the spreadsheet Journal Entries, prepare the journal entry necessary to record the change in accounting principle Assume Garner had the accounting change described in (2) Garner's income in 2018 was $30,000 Compute basic and diluted earnings per share for Garner Company for 2018 Show how income and EPS will be reported for 2018 and 2017 PLEASE ONLY USE THE PROVIDED TEMPLATE Prepare the journal entries to record the following Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been made

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Garner Company began operations on January 1, 2015, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods

Garner Company began operations on January 1, 2015, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015-2017.

SEE TABLE BELOW

On January 1, 2017, Garner issued 10-year, $200,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 30 shares of Garner common stock. The company has had 10,000 common shares outstanding throughout its life. None of the bonds have been exercised as of the end of 2018. (Ignore tax effects.)

Use the link included at the bottom of this page to download the Excel Template containing the spreadsheet you will need for this exercise.

Using the spreadsheet Journal Entries, prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018.
Assume Garner Company used the LIFO method instead of the average cost method during the years 2015-2017. In 2018, Garner changed to the FIFO method. Using the spreadsheet Journal Entries, prepare the journal entry necessary to record the change in accounting principle.
Assume Garner had the accounting change described in (2); Garner's income in 2018 was $30,000. Compute basic and diluted earnings per share for Garner Company for 2018. Show how income and EPS will be reported for 2018 and 2017.

PLEASE ONLY USE THE PROVIDED TEMPLATE

Prepare the journal entries to record the following. Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has bee Date Account Title Account Title Amount Amount Provide a one line explanation for the reason why the journal entry has been made.