If a company began its operations on January 1, 2018, and used the LIFO method of accounting for its inventory; and on January 1, 2020, said company adopted FIFO in accounting for its inventory, and the following information was available regarding cost of goods sold for each method:

LIFO FIFO

Year COGS COGS

2018 470,000 350,000

2019 690,000 450,000

2020 700,000 540,000

Assuming a tax rate of 30% and the same accounting change adopted for tax purposes, how would the effect of the accounting change be reported in opening retained earnings on the 2020 financial statements?