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Question: During 2014 (its first year of operations) and 2015. Batali Foods used the FIFO inventory costing…
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Question: During 2014 (its first year of operations) and 2015. <a href=Batali Foods used the FIFO inventory costing…” />

Show transcribed image text During 2014 (its first year of operations) and 2015. Batali Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2016. Batali decided to change to the average method for both financial reporting and tax purposes. Income components before income tax for 2016, 2015, and 2014 were as follows ($ in millions): Dividends of $32 million were paid each year. Batali's fiscal year ends December 31. 1. Prepare the journal entry at the beginning of 2016 to record the change in accounting principle. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10.000.000 should be entered as 10).)

During 2014 (its first year of operations) and 2015. Batali Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2016. Batali decided to change to the average method for both financial reporting and tax purposes. Income components before income tax for 2016, 2015, and 2014 were as follows ($ in millions): Dividends of $32 million were paid each year. Batali's fiscal year ends December 31. 1. Prepare the journal entry at the beginning of 2016 to record the change in accounting principle. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10.000.000 should be entered as 10).)

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