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, 2016, management decided to change from the LIFO 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 LIFO Difference Before 2015 $28 million $ 21 million $7 million 2015 34 million 2016 23 million 18 million 22 million 16 million 1 million 4. Compute the balance of retained earnings on Jan. 1, 2015, Dec. 31, 2015 and Dec. 31, 2016. Cash dividends were $2.3 million each year. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Balance at Jan. 1, 2015 Balance at Dec. 31, 2015 Balance at Dec. 31, 2016 MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2016 and 2015 Common Stock Additional Paid-In Capital Retained Earnings Total Shareholders' Equity ($ in millions)