$*$Please refer to the photos$*$

KOOPMAN COMPANY

Balance Sheet

December $31,2016$

An analysis of the accounting records discloses the following cost of goods sold under the FIFO and average cost inventory methods:

$$4,500,$ and income taxes payable of $$6,000.$ It desires to show financial statements for the current year and previous year in its $2017$ annual report.

Required:

Prepare the journal entry to reflect the change in methods at the beginning of $2017.$ Show supporting calculations.

Prepare the $2017$ financial statements. Notes to the financial statements are not necessary. Show supporting calculations