• No journal entry required
• Accumulated depreciation
• Buildings
• Cash
• Common stock
• Cost of goods sold
• Deferred rent revenue
• Depreciation expense
• Dividends
• Equipment
• Income tax expense
• Income tax payable
• Insurance expense
• Interest expense
• Interest payable
• Interest revenue
• Inventory
• Notes payable
• Operating expenses
• Paid-in capital - excess of par
• Patent
• Prepaid insurance
• Rent revenue
• Retained earnings
• Salaries expense
• Salaries payable
• Treasury stock

In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2020, Adonis's inventories were $48.0 million (average cost). Adonis's records indicated that the inventories would have totaled $64.8 million at December 31, 2020, if determined on a FIFO basis. Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record the change in inventory methods. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal