On January $1$st$,2003,$ Pumpkin Co decides to change from LIFO to FIFO to account for its inventory for financial reporting $($GAAP$)$ presentation purposes. To be IRS compliant, they also switch to FIFO for tax purposes at this time. The company began operations on $1/1/2001.$ The company purchase four inventory items per year $($in March, April, May, & June$),$ and sells two units of inventory each December. Pumpkin sells their inventory for $$220,000$ per item. Price paid by Pumpkin for inventory purchases $(1$ item per purchase$)$: $2001,2002$ March Purchase $$1800,000,$ $$200,000$ April Purchase $$175,000,$ $$195,000$ May Purchase $$170,000,$ $$190,000$ June Purchase $$165,000,$ $$185,000$ Assume Pumpkin pays $25\%$ in taxes on their income during $2001$ and $2002.$ Due to tax law change Pumpkin anticipates paying $35\%$ on their income in years after $2002.1-$ what journal entry if any would be required on $1/1/2003$ when pumpkin changes from LIFO to FIFO? $2-$ What journal entry $($if any$)$ would be required on $12/31/2003$ related to taxes if they sold $2$ items as in prior years and both $2003\text{'}$s tax rates and future tax rates were expected to be $15\%?3-$ instead of the original fact pattern for $2003($described above$)$: during $2003$ pumpkin sells $3$ inventory items in $2003$and makes no purchases of new inventory. due to congressional inaction, a major tax law expires and the tax rate changes unexpectedly to $50\%$ during $2003.$ what will the journal entry be at the end of $2003$ pertaining to taxes and any deferred tax asset or liability?$($pumpkin believes the tax rate will be $50\%$ in the future as well$)$