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 Income before Income Tax FIFO Average Cost Difference $ 24 million $17 million $ 7 million 26 million 14 million 12 million 19 million 18 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 20182017 comparative income statements. 4. Indicate the affect of the change in the 20182017 comparative statements of shareholders' equity. Cash dividends were $2.66 million each year. Assume no dividends were paid prior to 2017. Journal entry worksheet Indicate the affect of the change in the 2018-2017 comparative statements of shareholders' equity. Cash dividends were $2.66 million each year. Assume no dividends were paid prior to 2017. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) MILLINGTON SUPPLIES Statement of Shareholders' Equity For the Years Ended Dec. 31, 2018 and 2017 Common Stock Additional Paid-in Capital Retained Earnings Total Shareholders' Equity ($ in millions) Balance at Jan. 1, 2017 Balance at Dec. 31, 2017 Balance at Dec. 31, 2018