Problem 1: (18 points) Eastland Inc. began operations in 2019 and used the LIFO method to compute $800.000 for cost of goods sold for that year. At the start of the subsequent year (2020), it decided to switch to the FIFO method. Eastland determined that its cost of goods sold under FIFO would have been $600,000 in 2019. Required: If Eastland is subject to a 25% income tax rate, what journal entry should it make on 1/1/20 when it switches from LIFO to FIFO? Credit 1/1/20 Tax Expense RE COGS Debit 50000 150000 200000