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Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands).

	FIFO	Average Cost	LIFO
Pre-2023	$ 2,700	$ 2,440	$ 2,180
2023	700	650	515
	$ 3,400	$ 3,090	$ 2,695

Required:

1. Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10).