unissued shares. As part of the change, treasury shares held were reclassified as retired stock. At December 31, 2023, UMCs balance sheet reported the following shareholders equity: ($ in millions) Common stock, $1 par $ 275 Paid-in capitalexcess of par 1,100 Retained earnings 1,106 Treasury stock (5.5 million shares at cost) (100) Total shareholders equity $ 2,381 Required: Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares