United Corporation started business in 2016 and follows ASPE. Effective January 1, 2020, the company decided to change its method of inventory from FIFO to moving weighted average. The company has a December 31 year end; a tax rate of 40%; and declared no dividends until 2020 when $10,000 were declared and paid in December. Net income for 2020 was calculated to be $73,000 using the moving weighted average method.

Year	Net Income as Reported	Excess of COGS of FIFO over moving weighted average inventory methods
2016	92,000	23,000
2017	85,000	31,000
2018	77,000	36,000
2019	84,000	13,000

b) Calculate the income tax amount for retained earnings adjusting entry. Please make sure your final answer(s) are accurate to 2 decimal places.