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Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2021. Baker has an effective income tax rate of 35% and 100,000 shares of common stock issued and outstanding. The following additional information is available: Cost of Cost of goods sold After-tax goods sold FIFO LIFO Difference Difference Prior to $ 40,000 $ 75,000 2021 $ 35,000 $ 22,750 quarter $ 10,000 s 18,000 2021 $ 8,000 $ 5,200 Net income before effect of accounting change: quarter $ 300,000 2020 18t 18t 150 quarter 2021 $ 500,000 Assuming Baker makes the change in the first quarter of 2021 and that $400,000 net income is earned during the second quarter, how much is reported as net income for the second quarter of 2021? Multiple Choice $400,000 Assuming Baker makes the change in the first quarter of 2021 and that $400,000 net income is earned during the second quarter, how much is reported as net income for the second quarter of 2021? Multiple Choice $400,000 $405.200 $427,950 $894,850 $905 200