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 S 15 nillion$8 niltion7miltion 3 million 1 million 8 nillion 10 million 9 nillion Required: 1. Prepare the jounal 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 shareholders' equity, Cash dividends were $1 million each year. Assume no dividends were paid prior to 2017. 3 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 4 Prepare the journal entry to record the change in accounting principle. (if no entry is required for a transaction/event, select 10). No entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered a Event General Journal Debit Credit Inventory 10 Deferred revenue Retained earnings Required2 >