9 In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2018 to discontinue accounting 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: nts ( in millions) Common stock, $1 par Paid-in capital-excess of par Retained earnings Treasury stock (4 million shares at cost) Total shareholders' equity $ 195 975 996 Skipped (33) $2,133 eBook Print Required: eferences a. Identify the type of accounting change this decision represents. b. Prepare the journal entry to effect the reclassification of treasury shares as retired shares 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 9 Required: a. Identify the type of accounting change this decision represents. b. Prepare the journal entry to effect the reclassification of treasury shares as retired shares. nts Complete this question by entering your answers in the tabs below Skipped Required B Required A eBook Print References Prepare the journal entry to effect the reclassification of treasury shares as retired shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Import a new list 1 Record the entry to reclassify treasury shares as retired shares