Required information [The following information applies to the questions displayed below.] Shown below are net Income amounts as they would be determined by Robertl Steel Company by each of three different Inventory costing methods (\$ in thousands). 3. Assume that Robertl Steel Company used FIFO before 2024, and then In 2024 declded to switch to LIFO cost. Robertl Steel Company's records of Inventory purchases and sales are not avallable for several prevlous years. Therefore, the pre-2023 LIFO Information (\$2100) is not avallable. However, RobertI Steel Company does have the Information needed to apply LIFO on a prospectlve basis beginning in 2023. Prepare the joumal entry to record the change in accounting princlple. (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 answer In thousands (1.e., 10,000 should be entered as 10)