The comparative statements of Nextext Ltd, an outdoor advertising company, showed the followires information Retained earnings 1 January 2017 Earnings Dividends Retained earnings 31 December 20X7 20x7 20x8 $4,528,000 $4,341,000 607,000 467.000 (300,000 (280,000) $4,835,000 $4,528.00 In 20x8, it came to the attention of Nextest's newly hired financial vice-president that management had re-estimated the cost of removing root-mounted billboards and restoring the roots at the end of 20x7 but had made no adjustment in that year The cost estimates at the end of 20x7 had increased by close to 35%, from $425,000 to $575.000. The average remaining period of time before the roof leases expire and the decommissioning costs are incurrect ) was eight years from the end of 20x7 Decommissioning costs asset retirement obligations) are discounted at a rate of 6% PV of S1. PVA SI and PVAD of $1) (Use appropriate foctor(s) from the tables provided. Round time value factor to 5 decimal places.) Required: 1. Not available in connect 2. Assume for the purposes of this requirement that 20x7 results should be restated. Prepare the journal entry for entries) necessary to effect the restatement. Nextext's income tax rate is 32% (Round final answers to nearest dollar amount.) View transaction list Journal entry worksheet