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Problem 1: On January 1, 20A1, Sunshine Co. changed its inventory method from LIFO to FIFO for both financial and income tax reporting purposes. Inventory determined by using the FIFO method exceeded the amount of inventory under the LIFO method by $500,000 on January 1, 20A1. Assume that the tax rate for all years is 30%. How should Sunshine report this change in inventory methods in 20A1.
Group of answer choices
a. The income statement for 20A1 will include a $350,000 decrease to net income due to this cumulative effect of an accounting change.
b. The retained earnings statement for 20A1 will include a $500,000 decrease to beginning retained earnings.
c. The income statement for 20A1 will include a $350,000 increase to net income due to this cumulative effect of an accounting change.
d. The retained earnings statement for 20A1 will include a $350,000 increase to beginning retained earnings.
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