The Cecil$-$Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of $2024.$ At December $31,2023,$ inventories were $$111,000($average cost basis$)$ and were $$115,000$ a year earlier. Cecil$-$Booker$$s accountants determined that the inventories would have totaled $$137,000$ at December $31,2023,$ and $$142,000$ 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 $$310,000$ in $2023$ and $$435,000$ 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 $20242023$ comparative income statements beginning with income from continuing operations $($adjusted for any revisions$).$ Include per share amounts.