In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2013 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, 2012, UMCs balance sheet reported the following shareholders equity: ($ in millions) Common stock, $1 par $ 200 Paid-in capitalexcess of par 800 Retained earnings 956 Treasury stock (4 million shares at cost) (25 ) Total shareholders equity $ 1,931 Required: Identify the type of accounting change this decision represents. Change in accounting estimate Change in accounting method from FIFO to LIFO Change in reporting entity Change in accounting principle Prepare the journal entry to effect the reclassification of treasury shares as retired shares.