Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020.
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Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 20%. Prepare Shannon’s 2020 journal entry to record the change in accounting principle.
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Anurag Agrawal
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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