Q1. Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2016. The cost of goods sold for 2016, 2015, and 2014 were as follows ($ in millions): Cost of goods sold (FIFO) Cost of goods sold (LIFO) 2016 2015 2014 54 48 46 78 72 68 Required: 1. Prepare the journal entry at the beginning of 2016 to record the change in accounting principle. (Ignore income taxes.) | 2. Assume income tax rate of 40%, prepare the journal entry at the beginning of 2016 to record the change in accounting principle