for part 1Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5) .for required 2 enter answer in the millions. for part 3 answer in the millions.

Ch 20 -Graded HW -Acctg chgs &errors Help Save & Exit Submit Savod Check my work Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2018 decided to change to the FIFO method. The inventory as reported at the end of 2017 using LIFO would have been $14 million higher using FIFO. 10 Retained earnings reported at the end of 2016 and 2017 was $234 million and $254 million, respectively (reflecting the LIFO method). Those amounts reflecting the FIFO method would have been $244 million and $266 million, respectively. 2017 net income reported at the end of 2017 was $22 million (LIFO method) but would have been $24 million using FIFO. After changing to FIFO, 2018 net income was $30 million. Dividends of $7 million were paid each year. The tax rate is 40%. points eBook Required: 1. Prepare the journal entry at the beginning of 2018 to record the change in accounting principle. 2. In the 2018-2017 comparative income statements, what will be the amounts of net income reported for 2017 and 2018? 3. Prepare the 2018-2017 retained earnings column of the comparative statements of shareholders equity Print Complete this question by entering your answers in the tabs below Required1 Required 2 Required 3 Prepare the journal entry at the beginning of 2018 to record the change in accounting principle. (If no entry is required for a transaction/event, select 'No journal entry required" in the first account field. Enter your answers in millions rounded to 1 Mc Prey 1 of 4B Next > Hill 2:49 AM 5/21/2018