Millington Materials 15 a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the Mid-South On January 1, 2021, management decided to change from the average Inventory costing method to the FIFO Inventory costing method at each of its outlets. The following table presents Information concering the change. The Income tax rate for all years is 25% Before 2020 2020 2021 Incone before Income Tax FIFO Average Cost Herence $ 30 million $16 million $14 million 16 million 10llion 6 million 20 million 18 million 2 nilion Required: 1. Prepare the journal entry to record the change in accounting principle. 2. Determine the net income to be reported in the 2021-2020 comparative Income statements 4. Indicate the affect of the change in the 2021-2020 comparative statements of shareholders equity assuming cash dividends were $2 milion each year and that no dividends were paid prior to 2020 Complete this question by entering your answers in the tabs below. Required B2 De Indicate the effect of the change in the 2021-2020 comparative statements shareholders equitying canh dividere were $2 million each year and that no dividends were paid prior to 2020. Enter voordeel olace to 500.000 should be entered as 5.5) Required: 1. Prepare the joumal entry to record the change in accounting principle 2 Determine the net income to be reported in the 2021-2020 comparative Income statements. 4. Indicate the affect of the change in the 2021-2020 comparative statements of shareholders equity assuming cash dividends were $2 million each year and that no dividends were paid prior to 2020. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 4 Indicate the affect of the change in the 2021-2020 comparative statements of shareholders' equity assuming cash dividends were $2 million each year and that no dividends were paid prior to 2020. (Enter your answers in millions rounded to 1 decimal place .., 5,500,000 should be entered as 5.5).) MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec 31, 2021 and 2020 Common Additional Retained Stock Paid in Capital Eamings Total Shareholder sin millions) $ Balance Jan 1.2020 Balance at Dec 31, 2020 Balance at Dec 31, 2001 $ 5 5 03 ofs OT 5 0 5 5