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21-3 "hannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow...

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Accounting

21-3

"hannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2025. The increase in the prior years income before taxes is $1,200,000. The tax rate is 20%. Prepare Shannons 2025 journal entry to record the change in accounting principle."

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