In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2018 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased will be viewed as having been retired, re-assuming the status of un-issued shares. As part of the change, treasury shares held were re-classified as retired stock.
A. At December 31, 2017, UMC's balance sheet reported the following shareholders' equity:.
($ in millions)
Paid-in capital-excess of par 800
Retained earnings 956
Treasury stock (4 million shares at cost) (25)
Total shareholders' equity $1,931
Required:
B. Identify the type of accounting change this decision represents.
1. Change in accounting estimate.
2. Change in accounting method from FIFO to LIFO.
3. Change in reporting entity.
4. Change in accounting principle.
C. Prepare the journal entry to effect the reclassification of treasury shares as retired shares.

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