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%. Income before Income Tax Difference $7 million FIFO Average Cost Before 2020 2020 2021 $ 23 million $16 million 24 million 13 million 11 million 18 million 17 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 $6.00 million each year and that no dividends were paid prior to 2020. Answer is not complete. 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 2021-2020 comparative statements of shareholders' equity assuming cash dividends were $6 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).) MILLINGTON SUPPLIES Prev 1 of 9 Next > T HIMIkMJL IIk, JIILL VI HI IIa""S "T HI, Zv -V IIJuIJIV JJIIHL.TIkJ PI JIHJIIIJIMT HHIy ava"""SuaI HIvIHLIIM3 9 $6.00 million each year and that no dividends were paid prior to 2020. Answer is not complete. 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 2021-2020 comparative statements of shareholders' equity assuming cash dividends were $6 million each year and that no dividends were paid prior to 2020. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2021 and 2020 Additional ($ in millions) Common Stock Paid-in Capital Retained Earnings Total Shareholders' Equity Balance at Jan. 1, 2020 $ 0 0 $ 17.3 $ 17 Balance at Dec. 31, 2020 $ $ $ 35.3 Balance at Dec. 31, 2021 $ 0 $ 0 < Required 2 Required 4 >