In 2020. Frost Company, which began operations in 2018, decided to change from LIFO to FIFO because managernent beleved that FIFO better represented the flow of their inventory: Management peepered the following analysis showing the effect of this change: Frost reported net income of $2,399,500,$2,369,500, and $2,185,500 in 2018, 2019, and 20e0, fespectively The tax rate is 35\%. Required: 1. Propare the joumal entry necessary to record the change 2. What amount of net income would frost report in 2018,2019 , and 2020