Moulton Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2011, Moulton decided to change to the LIFO method. As a result of the change, net income in 2011 was $80 million. If the company had used LIFO in 2010, its cost of goods sold would have been higher by $6 million that year. Moulton's records of inventory purchases and sales are not available for 2009 and several previous years. Last year, Moulton reported the following net income amounts in its comparative income statements:

Required:
1. Prepare the journal entry at the beginning of 2011 to record the change in accounting principle. (Ignore income taxes.)
2. Briefly describe other steps Moulton will take to report the change.
3. What amounts will Moulton report for net income in its 2011–2009 comparative income statements?