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, 2018, 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 40% Before 2017 2017 2018 Incone before Income Tax FIFO Average Cost Difference $ 25 million $18 million $.7 million 28 million 15 million 13 million 20 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 2018-2017 comparative Income statements. 4. Indicate the affect of the change in the 2018-2017 comparative statements of shareholdersequity. Cash dividends were $2.80 million each year. Assume no dividends were paid prior to 2017 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 joumal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5)) View transaction list