Instructions In 2017, Frost Company, which began operations in 2015, decided to change from LIFO to FIFO because management believed that FIFO better represented the flow of their inventory. Management prepared the following analysis showing the effect of this change: Ending Inventory LIFO FIFO Cumulative Difference 12/31/2015 $238,700 $270,100 $31,400 244,400 298,400 54,000 12/31/2016 12/31/2017 257,000 324,400 67,400 Frost reported net income of $2,558,500, $2,299,500, and $2,146,500 in 2015, 2016, and 2017, respectively. The tax rate is 30%. Required: 1. Prepare the journal entry necessary to record the change. 2. What amount of net income would Frost report in 2015, 2016, and 2017