The cecil-booker vending company changed its method of valuing inventory from the average cost method to the fifo cost method at the beginning of 2018. at december 31, 2017, inventories were $121,000 (average cost basis) and were $125,000 a year earlier. cecil-booker’s accountants determined that the inventories would have totaled $157,000 at december 31, 2017, and $162,000 at december 31, 2016, if determined on a fifo basis. a tax rate of 40% is in effect for all years. one hundred thousand common shares were outstanding each year. income from continuing operations was $410,000 in 2017 and $535,000 in 2018. there were no discontinued operations either year. required: 1. prepare the journal entry to record the change in accounting principle. 2. prepare the 2018–2017 comparative income statements beginning with income from continuing operations. include per share amounts.