The following information is available for Xavier Corporation: Retained Earnings, December 31, 2019 Net Income for the year ended December 31, 2020 $1,500,000 $200,000 The company accountant, in preparing financial statements for the year ending December 31, 2020, has discovered the following information: The company's previous bookkeeper, who has been fired, had recorded depreciation expense on equipment in 2018 and 2019 using the double-declining-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effects of the error on prior years was $25,000, ignoring income taxes. Depreciation was computed by the straight-line method in 2020. Prepare the entry for the prior period adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit CALCULATOR FULL SCREEN NODOUNE PRINTER VERSION 4 BACK es and Expanason NEXT Prepare the retained earnings statement for 2020. (List items that increase retained earnings first.) Xavier Corporation Retained Earnings Statement For the Year Ended December 31, 2020