On 1/1/21, Shaye Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $970k increase in the 1/1/21 inventory. Assume that the income tax rate for all years is 30%. Assuming that comparative statements are not issued, the cumulative effect of the accounting change should be reported by Shaye in its 2021...

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