The net income to be reported in the 2021–2020 comparative income statements is $15 million and $12 million.
<h3>How to calculate the net income?</h3>
The journal entry to record the change in accounting principle will be:
Inventory = $20 million
Income tax payable = $5 million.
Retained earnings = $15 million
Also, the net income in 2020 will be:
= $16 - (25% × $16)
= $16 - $4.
= $12 million
The net income in 2021 will be:
= $20 - (25% × $20)
= $20 - $5
= $15 million.
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Answer: It is a negatively charged particle, located in the outermost shell of an atom, that can be transferred to or shared with another atom. Or for short it just means <u>Negatively charged particle</u>
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