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Required: 1. Prepare the journal entry to reflect the change. 2. Prepare the comparative income statements and the comparative statements of retained earnings for 2016,

Required:

1.Prepare the journal entry to reflect the change.

2.Prepare the comparative income statements and the comparative statements of retained earnings for 2016, 2015, and 2014. Notes to the financial statements are not necessary.

3.Next LevelDiscuss the advantages and disadvantages of accounting for a change in this manner.

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