Shannon, Inc., changed from the average-cost to the FIFO cost flow assumption in 2015. The increase in
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Shannon, Inc., changed from the average-cost to the FIFO cost flow assumption in 2015. The increase in the prior year’s income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon’s 2015 journal entry to record the change in accounting policy.
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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