Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2021 decided to change to the FIFO method. The inventory as reported at the end of 2020 using LIFO would have been $20 million higher using FIFO. Retained earnings reported at the end of 2019 and 2020 was $240 million and $260 million, respectively (reflecting the LIFO method). Those amounts reflecting the FIFO method would have been $250 million and $272 million, respectively. 2020 net income reported at the end of 2020 was $28 million (LIFO method) but would have been $30 million using FIFO. After changing to FIFO, 2021 net income was $36 million. Dividends of $8 million were paid each year. The tax rate is 25%. Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. 2. In the 20212020 comparative income statements, what will be the amounts of net income reported for 2020 and 2021? 3. Prepare the 20212020 retained earnings column of the comparative statements of shareholders equity.