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%. FIFO Income before Income Tax Before 2020 $ 31 million $24 million 2020 2021 40 million 26 million Average Cost Difference. $7 million 21 million 25 million 19 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 $10.00 million each year and that no dividends were paid prior to 2020. 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 $10 million each year and that no dividends were paid prior to 2020. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (I.e., 5,500,000 should be entered as 5.5).) MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2021 and 2020 ($ in millions) Balance at Jan. 1, 2020 Balance at Dec. 31, 2020 Balance at Dec. 31, 2021 Common Stock Additional Paid-in Retained Earnings Total Shareholders' Equity Capital