Millington Materials is a leading supplier of building equipment, building products, materials and timber for with over 200 branches across the Mid-South. On January 1, 2018, management decided to change from the aver- age 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 Income Tax Difference Average Cost $8 million 5 million 9 million FIFO Before 2017 2017 2018 $15 million 8 million 10 million $7 million 3 million 1 million 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. 3. Which other 2017 amounts would be reported differently in the 2018-2017 comparative income statements and 2018-2017 comparative balance sheets than they were reported the previous year