Required information The following information applies to the questions displayed below) 1 of 3 An annual report for International Paper Company included the following note: The last-in, first-out inventory method is used to value most of International Paper's U.S. inventories.. . If the first in, first-out method had been used, it would have increased total inventory balances by approximately $293 million and $290 million at December 31, 2017, and 2016, respectively. For the year 2017. International Paper Company reported net income (after taxes) of $2,144 million. At December 31, 2017, the balance of International Paper Company's retained earnings account was $6,180 million Required: 1. Determine the amount of net income that International Paper would have reported in 2017 if it had used the FIFO method (assume a 30 percent tax rate). (Enter your answer in millions. Round your intermediate and final answer to 1 decimal place.) References Net Income million