The comparative statements of Nextext Ltd., an outdoor advertising company, showed the following information:

	2017	2018
Retained earnings January 1, 2017	$4,539,000	$4352,000
Earnings	608,400	468,100
Dividends	(300,300)	(280,800)
Retained Earnings December 31, 2017	$4,847,100	$4,539,300

In 2018, it came to the attention of Nextest's newly hired financial vice-president that management had re-estimated the cost of removing roof-mounted billboards and restoring the roofs at the end of 2017 but had made no adjustment in that year.

The cost estimates at the end of 2017 had increased by close to 30%, from $426,100 to $553,900. The average remaining period of time before the roof leases expire (and the decommissioning costs are incurred) was 8-years from the end of 2017. Decommissioning cost (i.e., asset retirement obligations) are discounted at a rate of 8%.

Required:

Assume for the purpose of this requirement that 2017 results should be restated. Prepare the journal entry (or entries) necessary to effect the restatement. Nextest's income tax rate is 25%. (Round final answers to the nearest dollar amount)