Question 4 (14 marks - suggested time: 25 minutes) Ponder Corp. uses the FIFO method of determining inventory costs. Beginning in 2023, it will now use the average cost method, to be comparable with other companies in the industry. The change is to be accounted for retrospectively. The company tracked the inventory valuation under both methods since 2021. The preliminary 2023 financial statements were prepared using the FIFO method. The company had the following information pertaining to 2021-2023: No dividends were declared in any of these years. The tax rate for all years is 30%. Required: 1. Provide the 2023 journal entries required to: (a) adjust opening balances; and (b) adjust the 2023 COGS, related to this accounting change. Provide separate entries for (a) and (b). The 2023 books are still open. 2. Calculate the adjustment to COGS, after tax, for each of 2022 and 2023. 3. Calculate the restated earnings for 2022 and 2023 . (Show figures as reported, adjustments and restated.) 4. Prepare the comparative retained earnings section of the statement of changes in equity for 2022 and 2023. und the intermediate and final answer to the nearest dollar. SHOW ALL YOUR WORK in EXCEL d clearly label all components, including each Required (e.g., Req. 1, Req. 2)