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Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FifO method at the beginning of 2024 The inventory as reported ot the end of 2023 tising LifO would have been $66.000 higher using FifO. Retained earnings ot the end of 2023 was reported as $840,000 (reflecting the Lifo method). The tax rate is 40%. Required: 1. Calculate the balance in refained eamings at the time of the change (beginning of 2024 ) as it would have been teported if Fif O had been used in prior years. 2. Prepare the journaf entry at the beginning of 2024 to record the change in accounting principle Complete this question by entering your answers in the tabs below. Calculate the bolance in retained earnings at the time of the change (beginirig of 2024) as it would have been reported if Firo had been used in prior vears. Aquatic Equipment Corporation decided to switch from the LiFO method of costing inventories to the flFO method at the beginning of 2024 The inventory as reported at the end of 2023 using LifO would have been $66,000 higher using FIFO Retained earnings at the end of 2023 wos reported as $840000 (reflecting the LFO method). The tax rate is 4096 Required: 1. Calculate the balance in retained earnings at the time of the change (beginning of 2024 ) as it would have been reported if FIF O had been used in pror years 2. Prepare the journal entry at the beginning of 2024 to record the change in accounting principle. Complete this question by entering your answers in the tabs below. Prepare the joumal entry at the beginning of 2024 to record the change in accounting principle. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the change in accounting principle