Current Attempt in Progress Coronado Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1. 2020 , the LIFO reserve has a credit balance of $1,495,000. At December 31,2020 , Coronado's internal reports indicated that the FIFO inventory balance was $3,056,800 and for external reporting purposes the LIFO inventory balance was $1,459,200. What is the journal entry needed to record the LIFO effect at December 31,2020? (If no entry is required, select "No entry" for the account titles and enter o for the omounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)