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 $ 2,940 $ 2,680 $ 2,420

2023- 820 530 575

$ 3,760 $ 3,210 $ 2,995

2. Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2024. Therefore, the 2023 ($575) and pre-2023 ($2,420) data are not available. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)