Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2016. Inventory values at the end of each year since the inception of the company are as follows:

	FIFO			LIFO
2014	$	198,000		$	179,000
2015		396,000			358,000

Required:

Ignoring income tax considerations, prepare the entry to report this accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

ZIP Company owns 33,000 shares of the common stock of PIK Company. ZIP decided to divest itself of this investment by distributing the PIK shares in the form of a property dividend. The dividend ratio is one share of PIK for every four shares of ZIP common held by shareholders. ZIP has 132,000 common shares outstanding. On April 15, 2016, the date of declaration, PIK stock had a par value of $5 per share, a book value of $11.3 per share, and a market value of $16.3 per share.

Required:

Prepare any necessary journal entries. The shares were distributed on May 15, 2016, to stockholders of record on May 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)