Harrigan Corporation changed from LIFO to the FIFO inventory costing method on January 1, 2016. The company was founded in 2012. Inventory values at the end of each year under both methods are as follows:

FIFO LIFO

2014 $310,000 $302,000

2015 $330,000 $321,000

2016 $301,000 $293,000

Prepare any journal entries that should be made during 2016 as a result of the change in inventory method from LIFO to FIFO. Assume the tax rate is 20%.