AC 302 WEEK 8 Chapter 22 Homework Brief Exercise 2

AC 302 WEEK 8 Chapter 22 Homework Brief Exercise 22 Question 3
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2014. The increase in the prior year's income before taxes is $1,200,000. The tax rate is 40%.

Prepare Shannon- 2014 journal entry to record the change in accounting principle.

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