Hannam Co$.$ decided to change from the declining$-$balance method of depreciation to the straight$-$line method effective $1$ January $20$X$7.$ The following information was provided: YearNet Income as ReportedExcess of Declining$-$Balance Depreciation over straight$-$Line Depreciation $20$X$3*$ $$(29,300)$ $$5,40020$X$437,40016,20020$X$523,80013,60020$X$655,6007,600*$First year of operations.The company has a $31$ December year$-$end. The tax rate is $20\%.$ No dividends were declared until $20$X$7$ $$13,500$ of dividends were declared and paid in December $20$X$7.$ Income for $20$X$7,$ calculated using the new accounting policy, was $$71,000.$Required:Assuming that the change in policy was implemented retrospectively, present the retained earnings reconciliation that would appear in Hannam$$s $20$X$7$ statement of changes in equity. $($Negative amounts should be indicated by a minus sign.$)$