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C is corrent. The change results in a $150,000 increase in the inventory valuation for ending inventory at December 31, year 2, which means the before-tax effect on income in year 2 is also $150,000. Since the period-specific effects must be reported net of tax effects, the tax effect is $45,000 (30% × $150,000) and must be subtracted to leave a period-specific effect of $105,000 ($150,000 – $45,000). The $150,000 increase in inventory should be added to the balance in inventory on the year 2 comparative balance sheet, $105,000 is the increase in net income, and the income tax payable account will increase by $45,000.
A is incorrect.  The change results in a $150,000 increase in the inventory valuation for ending inventory at December 31, year 2, which means the before-tax effect on income in year 2 is also $150,000. Since the period-specific effects must be reported net of tax effects, the tax effect is $45,000 (30% × $150,000) and must be subtracted to leave a period-specific effect of $105,000 ($150,000 – $45,000). The $150,000 increase in inventory should be added to the balance in inventory on the year 2 comparative balance sheet, $105,000 is the increase in net income, and the income tax payable account will increase by $45,000.  
A is incorrect.  The change results in a $150,000 increase in the inventory valuation for ending inventory at December 31, year 2, which means the before-tax effect on income in year 2 is also $150,000. Since the period-specific effects must be reported net of tax effects, the tax effect is $45,000 (30% × $150,000) and must be subtracted to leave a period-specific effect of $105,000 ($150,000 – $45,000). The $150,000 increase in inventory should be added to the balance in inventory on the year 2 comparative balance sheet, $105,000 is the increase in net income, and the income tax payable account will increase by $45,000.  
D is incorrect.  The change results in a $150,000 increase in the inventory valuation for ending inventory at December 31, year 2, which means the before-tax effect on income in year 2 is also $150,000. Since the period-specific effects must be reported net of tax effects, the tax effect is $45,000 (30% × $150,000) and must be subtracted to leave a period-specific effect of $105,000 ($150,000 – $45,000). The $150,000 increase in inventory should be added to the balance in inventory on the year 2 comparative balance sheet, $105,000 is the increase in net income, and the income tax payable account will increase by $45,000.