Moncton Developments Ltd. decided to change from the declining-balance method of depreciation to the straight-line method effective 1 January 2019. This change will be implemented retrospectively. The following information was provided: Net Excess of Declining-Balance Income as Depreciation over straight-Line Year Reported Depreciation 2015* $(58,200) $ 2,200 2016 57,400 6,600 2017 36,400 5,500 2018 85,000 3,900 *First year of operations. The company has a Dec 31st year-end. The tax rate is 20%. No dividends were declared until 2019; $78,400 of dividends were declared and paid in Dec 2019. Income for 2019, calculated using the new accounting policy, was $612,800 after income tax. Required: a) Calculate the earnings correction that Moncton Developments Ltd.. must show in the 2019 financial statements. b) Prepare the 2019 entry to record the change in accounting policy. General Journal Account Titles and Explanation Date Debit Credit c) Present the retained earnings reconciliation that would appear on Moncton Development's statement of changes in equity