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: Common stock, $1 par Paid-in capital-excess of par Retained earnings Treasury stock (5.6 million shares at cost) Total shareholders' equity ($ in millions) $ 280 1,120 1,116 (105) $ 2,411 Required: Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares. Type of acc change General Journal Identify the type of accounting change this decision represents. Identify the type of accounting change this decision represents [Change in accounting principle Type of acc change General Journal Prepare the journal entry to effect the reclassification of treasury shares as retired shares. (If no entry is required transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculatic answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list View journal entry worksheet Na No Event General Journal Debit Credit Common stock Paid-in capitalexcess of par Retained earnings Treasury stock