Exercise $20-7($Algo$)$ Change in principle; Change in inventory cost method $[$LO$20-2]$ branches soctoss the Mis South. On Janusy $1,2024,$ management decided to charge foen the averuge inventory costing method to the FRFO irventory costing methed at esch of ts outiets.

The folowing table presents information conceming the change. The income ter nie for al yoan is $25$ K $.$

$\backslash$table$[[,$Thenter betore Incpen Tas$],[,$TIT,morrige Coit,Dintititiot$],[$Befare $2423,\%10$ nallibe,$49$ mitilipn,$17$ millien$],[2123,$to sitilen,$6$ millisn,$4$ sil$15$en$],[2224,15$ nillien,$14$ mitlien,$1$ millitim$]]$

Aequilerd:

Prepare the journal entry to record the change in accousting pincpict

Debermine the net inoome $10$ be reported in the $2024-2023$ congarative income stabements.

$4,$ Indicate the affect of the chaspe in the $2024-2023$ comperafive titilements of shareholders' equicy asuuming cash dividends iwere $5750$ melien evch yrer and that mo dividents were paid prise $10263I^2$