Jeanniebe Construction Company has used the cost recovery method of accounting since it began operations in 2000. In 2003, for justifiable reasons, management decided to adopt the percentage-of-completion method. The following schedule, reporting income for the past 3 years, has been prepared by the company. 2000 2001 2002 Total revenues from completed 25,000,000 42,000,000 40,000,000 contracts Less: Cost of completed contracts 18,000,000 29,000,000 28,000,000 Income from operations 7,000,000 13,000,000 12,000,000 Extraordinary loss 0 0 (2,000,000) Income 7,000,000 13,000,000 10,000,000 Analysis of the accounting records disclosed the following income by contracts, earned in the years 2000-2002 using the percentage-of-completion method. 2000 2001 2002 Contract 1 7,000,000 Contract 2 5,000,000 8,000,000 Contract 3 3,000,000 7,000,000 2,000,000 Contract 4 1,000,000 6,000,000 Contract 5 (1,000,000) What should be the cumulative effect of change in accounting policy that should be reported in 2003 statement of retained earnings? (Ignore income tax)