In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 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, 2020, UMC's balance sheet reported the following shareholders' equity: 15 in illions Connon stock, si par Paid-in capital-excess of par Retained earnings 996 Treasury stock (4.4 million shares at cost) Total shareholders' equity $2,051 $ 220 880 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. Complete this question by entering your answers in the tabs below. Type of acc change General Joumal Identify the type of accounting change this decision represents. Identify the type of accounting change this decision represents General Journal > 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 for a transaction/event, select "No journal entry required in the first account field. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place (le, 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet