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For each of the accounting changes, errors, or prior period adjustment situations described below, prepare the journal entry or entries Thorne Company should record to correct the books at December 31, 2019 and/or properly reflect 2019's activity. Treat each situation independently and ignore any income tax effects unless otherwise stated. At the end of 2019, Thorne's management decided to change from the LIFO method of valuing inventories to FIFO. The LIFO reserve (the excess of FIFO inventory cost over LIFO) was $43,000 as of December 31, 2018 and $52,000 for the preliminary December 31, 2019 financial statements. Management is electing to implement this change for the final December 31, 2019 financial statements. This entry should also reflect tax consequences, assuming a tax rate of 25% for all years. For each of the accounting changes, errors, or prior period adjustment situations described below, prepare the journal entry or entries Thorne Company should record to correct the books at December 31, 2019 and/or properly reflect 2019's activity. Treat each situation independently and ignore any income tax effects unless otherwise stated. At the end of 2019, Thorne's management decided to change from the LIFO method of valuing inventories to FIFO. The LIFO reserve (the excess of FIFO inventory cost over LIFO) was $43,000 as of December 31, 2018 and $52,000 for the preliminary December 31, 2019 financial statements. Management is electing to implement this change for the final December 31, 2019 financial statements. This entry should also reflect tax consequences, assuming a tax rate of 25% for all years