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 2016. At December 31, 2015, inventories were $112,000 (average cost basis) and were $116,000 a year earlier. Cecil-Bookers accountants determined that the inventories would have totaled $139,000 at December 31, 2015, and $144,000 at December 31, 2014, if determined on a FIFO basis. A tax rate of 40% is in effect for all years. One hundred thousand common shares were outstanding each year. Income from continuing operations was $320,000 in 2015 and $445,000 in 2016. There were no discontinued operations either year. Required: 1. Prepare the journal entry to record the change in accounting principle. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the 20162015 comparative income statements beginning with income from continuing operations. Include per share amounts. (Round EPS answers to 2 decimal places.)