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, UMCs balance sheet reported the following shareholders equity:

	($ in millions)
Common stock, $1 par		$	250
Paid-in capitalexcess of par			1,000
Retained earnings			1,056
Treasury stock (5.0 million shares at cost)			(75	)
Total shareholders equity		$	2,231

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.

Identify the type of accounting change this decision represents.

Identify the type of accounting change this decision represents	Change in accounting estimate

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 (i.e., 5,500,000 should be entered as 5.5).)