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 Income Tax FIFO Average Cost Difference Before 2017 33 million $26 million 7 million 44 million 23 million 21 million 2017 2018 28 million 27 million 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 4. Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity. Cash dividends were $3.92 million each year. Assume no dividends were paid prior to 2017. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity. Cash dividends were $3.92 million each year. Assume no dividends were paid prior to 2017. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity. Cash dividends were $3.92 million each year. Assume no dividends were paid prior to 2017. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2018 and 2017 Common Additional Retained Total Shareholders StockPaid-in Capital Earnings Equity ($ in millions) Balance at Jan. 1, 2017 Balance at Dec. 31, 2017 Balance at Dec. 31, 2018 27.0$ 39.9 62.4 27