Bailey Corp. changed depreciation methods in 2014 from straight-line to double-declining-balance because management gathered evidence that the assets were being used differently than previously thought. The assets involved were acquired early in 2011 for $185,000 and had an estimated useful life of eight years, with no residual value. The 2014 income using the double-declining-balance method was $490,000. Bailey had 10,000 common shares outstanding all year. What is the effect of the accounting change on the reported income and EPS for 2014? Bailey follows IFRS. Ignore income tax.