Trout Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,300,000. At December 31, 2020, Trout's internal reports indicated that the FIFO inventory balance was $2,900,000 and for external reporting purposes the LIFO inventory balance was $1,500,000. What is the amount of the LIFO reserve and the LIFO effect related to 2020? What is the journal entry needed to record the LIFO effect at December 31, 2020?

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