The following information is available for Crane Corporation: The company accountant, in preparing financial statements for the year ended December 31, 2024, has discovered the following information: The company's previous bookkeeper had recorded an excess of depreciation expense on a machine in 2022 and 2023 by using the double diminishing balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation, which is the company's policy. The cumulative effect of the error on prior years was $11,700. Depreciation was calculated by the straightline method in 2024. Crane's average tax rate is 22\%. During 2024, Crane declared and paid cash dividends of $86.500. Calculate the impact on retained earnings. Prepare the statement of retained earnings for 2024. (List items that increase retained earnings first)