Millington Materials is 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 concerning the change. The income tax rate for all years is 25%. Before 2020 2020 2021 Income before Income Tax FIFO Average Cost Difference $ 20 million $13 million $7 million 18 million 10 million 8 million 15 million 14 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 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 $4.50 million each year and that no dividends were paid prior to 2020. Required 1 Required 2 Required 4 Indicate the affect of the change in the 2021-2020 comparative statements of shareholders' equity assuming cash dividends were $4.5 million each year and that no dividends were paid prior to 2020. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) MILLING TON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2021 and 2020 ($ in millions) Common Stock Additional Paid-in Capital Retained Earnings Total Shareholders Equity Balance at Jan. 1, 2020 $ 0 $ 0 $ 15.0 $ 0 $ 0 $ 0 $ 0 Balance at Dec. 31, 2020 Balance at Dec 31, 2021 $ 0 $ 0 $ 0