Question: Robert Boey, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2008. The increase in the prior years income

Robert Boey, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2008. The increase in the prior year’s income before taxes is $1,000,000. The tax rate is 40%. Prepare Boey’s 2008 journal entry to record the change in accounting principle.

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