Multiple Choice Question 70 On January 1, 2018, Ivanhoe Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $1050000 increase in the January 1, 2018 inventory. Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting change should be reported by Ivanhoe in its 2018 O retained earnings statement as a $1050000 addition to the beginning balance retained earnings statement as a $735000 addition to the beginning balance Income statement as a $1050000 cumulative effect of accounting change. income statement as a $735000 cumulative effect of accounting change Click if you would like to Show Work for this question: Open Show Work