Bailey Corp. changed depreciation methods in 2023 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 2020 for $160,000 and had an estimated useful life of eight years, with no residual value. The 2023 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 EPS for 2023? Bailey follows IFRS. Ignore income tax considerations.