Pace Instrument Corp., a small company that follows ASPE, began operations on January 1, 2017, and uses a periodic inventory system. The following net income amounts were calculated for Pace under three different inventory cost formulas:

FIFO Weighted AverageCost LIFO

2017 $27,640 $25,020 $20,840

2018 30,440 25,480 21,570

2019 28,450 27,300 24,350

2020 34,150 30,500 26,620

Answer the following, ignoring income tax considerations.

(a1)

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Assume that in 2020, Pace changed from the weighted average cost formula to the FIFO cost formula and it was agreed that the FIFO method provided more relevant financial statement information.

Prepare the necessary journal entry for the change that took place during 2020.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)