In 2018, Toto Company decided to change from LIFO to FIFO due to better representation of the flow of inventory and costs. Toto started the business in 2016. Toto's tax rate is 359%. The following analysis was provided by management: Ending Inventory LIFO FIFO Net Income 12/31/2016 $ 375,650 $ 405,900 $ 975,000 12/31/2017 $ 360,450 $ 410,750 $ 1,350,000 12/31/2018 $ 365,975 $ 445,775 $ 1,389,500 Required: 1) Prepare the journal entry necessary to record the change. 2) What amount of net income would Toto report in 2016, 2017, and 2018