6 In keeping with a modernization of corporate statutes in its home state. UMC Corporation decided in 2018 to discontinue for reacquired shares as treasury stock. Instead, shares repurchased will be viewed as having been retired, reassuming the status of unissued shares. As part of the change, treasury shares held were reclassified as retired stock At December 31. 2017 UMC's balance sheet reported the following shareholders' equity 9 its Common stock $1 per Paid-in capital nexicess of par Retained earnings Treasury stock (6 million shares at cos t.) Total shareno idersegulty S 160 800 968 eBook $1.890 Print Required o. Identify the type of accounting change this decision represents b. Prepare the journal entry to effect the reclassification of treasury shares as retired shares. eferences Complete this question by entering your answers in the tabs below Required A Required B Identify the type of accounting change this decision represents This is a Required B