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 Average Cost			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) 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.