In 2024, Banchero Corp. changed from a FIFO cost flow assumption to average cost flow assumption for inventory valuation in financial reporting. Banchero's tax rate is 20%, and Banche has used, and will continue to use FIFO for tax reporting purposes. Below is a summary of cost of goods sold, as calculated under both methods, for Banchero's first three years of operations. 2022 2023 2024 FIFO COGS $205,100 $228,700 $226,400 Average cost COGS $236,800 $223,100 $258,700 Implementing the accounting change in 2024 will require a debit (enter as a positive number) or a credit (enter as a negative number) to retained earnings for what amount?

Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.)   Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 580,000   Less: Cost of goods sold   221,000   Gross profits $ 359,000   Less: Other operating expenses   96,000   EBITDA $ 263,000   Less: Depreciation and amortization   15,600   EBIT $ 247,400   Less: Interest   81,500   EBT $ 165,900   Less: Taxes       Net income $         Determine the firm's 2021 tax liability.     Tax liability