accounting

Millington Materlals is a leading supplier of bullding equipment, bullding products, materlals, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2024, 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%. Required: 1. Prepare the Journal entry to record the change in accounting principle. 2. Determine the net Income to be reported in the 2024-2023 comparatlve income statements. 4. Indicate the affect of the change in the 2024-2023 comparatlve statements of shareholders' equity assuming cash dividends were $4.50 million each year and that no dividends were pald prior to 2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the change in accounting principle. Note: 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 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Complete this question by entering your answers in the tabs below. Determine the net income to be reported in the 2024-2023 comparative income statements. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Millington Materlals is a leading supplier of bullding equipment, bullding products, materlals, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2024, 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%. Requlred: 1. Prepare the journal entry to record the change in accounting princlple. 2. Determine the net Income to be reported In the 2024-2023 comparative Income statements. 4. Indicate the affect of the change in the 2024-2023 comparatlve statements of shareholders' equity assuming cash dividends were $4.50 million each year and that no dividends were pald prior to 2023 . Complete this question by entering your answers in the tabs below. Indicate the affect of the change in the 2024-2023 comparative statements of shareholders' equity assuming cash dividends were $4.5 million each year and that no dividends were paid prior to 2023 . Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50)