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Question 3 Cook Co. 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: Year 2015* 2016 2017 2018 Net Income as Reported $(29,100) 28,700 18,200 42,500 Excess of Declining-Balance Depreciation over straight-Line Depreciation $ 4,200 12,600 10,500 5.900 *First year of operations. The company has a Dec 31st year-end. The tax rate is 20%. No dividends were declared until 2019, $19,600 of dividends were declared and paid in Dec 2019. Income for 2019, calculated using the new accounting policy, was $103,200. Required: a) Calculate the earnings correction that Hannard Co. must show in the 2019 financial statements. b) Prepare the 2019 entry to record the change in accounting policy. General Journal Date Account Titles and Explanation Debit Credit Screenst