On December 31, 20X1, Leamington Company appropriately changed its inventory valuation method to FIFO cost from LIFO cost for both financial statement and income tax purposes. The change results in a $140,000 increase in the beginning inventory at January 1, 20X1. Assume a 30% income tax rate. Also assume that Leamington provides only 20X1 financial statements. What cumulative effect of this accounting change should be reported in beginning retained earnings for the year 20X1?