Bailey Corp. changed depreciation methods in 2020 from straight-line to double-decliningbalance because management gathered evidence that the assets were being used differently than previously thought. The assets involved were acquired early in 2017 for $160,000 and had an estimated useful life of eight years, with no residual value. The 2020 income using the double-declining-balance method was $392,000. Bailey had 10,000 common shares outstanding all year. What is the effect of the accounting change on the reported income and earnings per share (EPS) for 2020? Bailey follows IFRS. Ignore income tax considerations.