The Cecil$-$Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost metho at the beginning of $2024.$ At December $31,2023,$ inventories were $$125,000($average cost basis$)$ and were $$129,000$ a year earlier. Cecil$-$Booker's accountants determined that the inventories would have totaled $$165,000$ at December $31,2023,$ and $$170,000$ at December $31,2022,$ if determined on a FIFO basis. A tax rate of $25\%$ is in effect for all years.

One hundred thousand common shares were outstanding each year. Income from continuing operations was $$450,000$ in $2023$ anc $$575,000$ in $2024.$ There were no discontinued operations either year.

Required:

Prepare the journal entry at January $1,2024,$ to record the change in accounting principle. $($All tax effects should be reflected in the deferred tax liability account.$)$

Prepare the $2024-2023$ comparative income statements beginning with income from continuing operations $($adjusted for any revisions$).$ Include per share amounts.

Complete this question by entering your answers in the tabs below.

Required $2$

Prepare the $2024-2023$ comparative income statements beginning with income from continuing operations $($adjusted for any revisions$).$ Include per share amounts.

Note: Round EPS answers to $2$ decimal places.

$\backslash$table$[[$COMPARATIVE INCOME STATEMENTS$],[$Income from continuing operations,$2024,2023],[$Income tax expense,$$,575,000,],[$Net income,,$143,750,],[$Earnings per common share,$$,431,250,$$