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 $121,000 (average cost basis) and were $125,000 a year earlier. Cecil-Booker's accountants determined that the inventories would have totaled $157,000 at December 31, 2015, and $162,000 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 $410,000 in 2015 and $535,000 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.) 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