Person Family, Inc. began operations on 1/1/15, and used the LIFO method for inventory accounting During 2017, the company decided to switch from LIFO to FIFO. The following income statement information (LIFO and FIFO) is available for the years 2015-2017 LIFO Inventory Method 2015 FIFO Inventory Method 2015 2017 70,000 55,000 140,000 130,000 85,000 160,000 (21,000) (16,500) (42,000)||(39,000) (25,500) (48,000) 49.000 38,500 98.0001 91.000 59.500 112.000 2016 2017 2016 Pre-tax financial income Income tax expense, 30% Net Income What journal entry should Person Family record during 2017 for the change in accounting principle from LIFO to FIFO? 2017 rue or false (circle one): Person Family should restate its income statements and balance sheets for ll prior years affected by this error and reported in the 2017 annual report. TRUE FALSE 10