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Prepare shannons 2010 journal entry to record

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1. Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2010. The increase in the prior year's income before taxes is $1,200,000. The tax rate is 40%. Prepare Shannon's 2010 journal entry to record the change in accounting principle. 

Reference no: EM131118863

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