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% a Cost Offene Required: 1. Prepare the journal entry to record the change in accounting principle. 2. Determine the net income to be reported in the 2016-2017 comparative Income statements 4. Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity Cash dividends were $1 million each year. Assume no dividends were paid prior to 2017 eference Complete this question by entering your answers in the tabs below. Required 1 R ed R ed the journal Prepare the journal entry to record the change accounting pre no entry s ured transaction event, entry required in the first account d er your answers in minste 10,000,000 should be entered as 10) View transactions Journal entry worksheet