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The following information is available for Wildhorse Corporation: The company accountant, in preparing financial statements...

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Accounting

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The following information is available for Wildhorse 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 $9.500. Depreciation was calculated by the straight-line method in 2024. Wildhorse's average tax rate is 22%. During 2024, Wildhorse declared and paid cash dividends of $87,000. Calculate the impact on retained earnings. Retained earnings $

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