Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in
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Shannon AG, changed from the average-cost to the FIFO cost flow assumption in 2022. The increase in the prior year’s income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon’s 2022 journal entry to record the change in accounting policy.
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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