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.$\backslash$The following table presents information concerning the change. The income tax rate for all years is $25\%.$Income before Income TaxFIFOAverage CostDifferenceBefore $2020$$$102$ million$$52$ million$$50$ million$202088$ million$46$ million$42$ million$202192$ million$54$ million$38$ millionRequired:$1.$ Prepare the journal entry to record the change in accounting principle$\mathrm{.}2.$ Determine the net income to be reported in the $2021-2020$ comparative income statements$\mathrm{.}4.$ Indicate the affect of the change in the $2021-2020$ comparative statements of shareholders' equity assuming cash dividends were $$11\mathrm{.}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 $4$Prepare the journal entry to record the change in accounting principle. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10)-)$