In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $80,000 in both 2004 and 20x5 for financial reporting purposes. Net income in 20x6 is correct. The tax rate is 40%. The error was made only for financial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be no change in taxes payable. Additional information: Beginning retained earnings Earnings (includes error in 20x5) Dividends declared 20x6 $467,000 88,000 64,000 20x5 $443,000 99,000 75,000 Required: 1. Record the entry in 20x6 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Credit Date 20X6 General Journal Accumulated depreciation Retained earnings, error correction Debit 48,000 1 48,000 2. Prepare the comparative retained earnings section of the statement of changes in shareholders' equity for 20X5, reflecting the change DALIA CORPORATION Retained Earnings Statement For the Year Ended 31 December 20X6 20X5 Beginning retained earnings, as previously reported $ 467,000 $ 443,000 Error correction, depreciation, net and tax. 48,000 48,000 Beginning balance restated S 515,000 $ 491,000 Earnings (restated for 20x5) 88,000 99,000 Dividends declared 64,000 75,000 Ending balance $ 539,000 $ 515,000 * Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted