Please help

At the beginning of 2020, Brett Company decided to change from the FIFO to the average cost inventory cost flow assumption for financial reporting purposes The following data are available in regard to its pretax operating Income end cost of goods sold: Year Prior to 2019 2019 2020 Reported Income Before Income Taxes 600,000 700,000 Excess of Average Cost of Goods Sold FIFO cost of Goods Sold $130,000 50,000 Adjusted Income Before Income Taxes 550,000 The income tax rate is 21%, end the company received permission from the IRS to also make the change for income tax purposes. Brett has a simple capital structure, With 100,000 shares of common stock outstanding. Brett computed its reported income before income taxes in 2020 using the newly adopted inventory cost low method Brett's 2019 and 2020 revenues were and respectively Its retained earnings balances at the beginning of 2019 and 2020 (unadjusted) were Sl 264,000 end Sl respectively. Brett paid no dividends in any Required: 3 Prepare the journey entry at the beginning of 2020 to reflect the change At the end of 2020, prepare comparative Income statements for 2020 and 2059. Notes to the finenc\e/ statements ere not necessa,y At the end of 2020, prepare comperst,ive retained earnings statements for 2020 and 2059.