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 2021. At December 31, 2020, Inventorles were $111,000 (average cost basis) and were $115,000 a year earlier. Cecil-Booker's accountants determined that the Inventorles would have totaled $137,000 at December 31,2020 , and $142,000 at December 31,2019 , 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 continulng operations was $310,000 in 2020 and $435,000 in 2021. There were no discontinued operations elther year. Required: 1. Prepare the joumal entry at January 1,2021 , to record the change in accounting principle. (All tax effects should be reflected in the deferred tax llability account.) 2. Prepare the 2021-2020 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. Prepare the journal entry at January 1,2021, to record the change in accounting principle. (All tax effects should be reflected in the deferred tax liability account.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare the 2021-2020 comparative income statements beginning with income from continuing operations (adjusted for any revisions). Include per share amounts. (Round EPS answers to 2 decimal places.)