Shown below are net income amounts as they would be determined by Weihrich Steel Company by each of three different inventory costing methods in 000s). LIFO FIFO Average Cost Pre $2,740 $2,220 $2,480 2015 720 525 2015 630 $3,110 $2,745 $3,460 Required: 1. Assume that Weihrich used FlFO before 2016, and then in 2016 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) view transaction list view general journal Journal Entry Worksheet Record the change in accounting principle. Debit Credit General Journal Event *Enter debits before credits done clear entry record entry