Fantasy Fashions had used the UFO 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 $12 million higher using FIFO. Retained earnings reported at the end of 2019 and 2020 was $232 million and $252 million, respectively (reflecting the LIFO method). Those amounts reflecting the FIFO method would have been $242 million and $264 million, respectively. 2020 net income reported at the end of 2020 was $20 million (UFO method) but would have been $22 million using FFO. After changing to FIFO, 2021 net income was $28 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 2020-2021 comparative income statements, what will be the amounts of net income reported for 2020 and 2021 ? 3. Prepare the 2020-2021 retained earnings column of the comparative statements of shareholders' equity