Transcribed Image Text: Sandhill, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year’s income before taxes is

Transcribed Image Text: Sandhill, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior year’s
income before taxes is $1,127,000. The tax rate is 20%.
Prepare Sandhill’s 2020 journal entry to record the change in accounting principle. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit

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