Millington Materials is a leading supplier of building equipment, building products, materials & timber for sale, with over 200 branches across the Mid-South. On January 1, 2018, 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 concerning the change. The income tax rate for all years is 40%. Income before IncomeTax FIFOAverage Cost Difference Before 2017 $ 35 million $28 million 7 million 48 million 25 million 23 million 30 million 29 million million 2017 2018 Required: 1. Prepare the journal entry to record the change in accounting principle. 2. Determine the net income to be reported in the 2018-2017 comparative income statements 4. Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity. Cash dividends were $4.20 million each year. Assume no dividends were paid prior to 2017