Help Save & Exit Sub Check my work Millington Materials is a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2021, 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 25% Income before Income Tax FIFO Average Cost Difference Before 2020 $ 23 million $16 million $ 7 million 2020 24 million 13 million 2021 18 million 17 million 1 million 11 million Required: 1. Prepare the journal entry to record the change in accounting principle. 2. Determine the net income to be reported in the 2021-2020 comparative income statements 4. Indicate the affect of the change in the 2021-2020 comparative statements of shareholders' equity assuming cash dividends were $6.00 million each year and that no dividends were paid prior to 2020 Complete this question by entering your answers in the tabs below. ENG 5:56P 8/6/200 w O RE e here to search (hp Help Save & Exit Submit Check my work 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 journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)) View transaction list COS Journal entry worksheet 1 Record the change in accounting principle. Note: Enter debits before credits 5:56 PM ENG O . here to search hop