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 $ 295 1,180 1,146 Common stock, $1 par Paid-in capital-excess of par Retained earninES Treasury stock (5.9 million shares at cost) (120) $2,581 Total shareholders' equity Required: Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification treasury shares as retired shares Complete this question by entering your answers in the tabs below. Type of acc General Journal change 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 y 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 No Event General Journal Debit Credit Common stock Paid-in capital-excess of par Retained earnings Treasury stook Type of ace change