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Question 5 (10 marks) Moncton Developments Ltd. decided to change from the declining balance method of depreciation to the straight-line method effective 1 January 2019. This change will be implemented retrospectively. The following information was provided Net Excess of Declining-Balance Income as Depreciation over straight-Line Year Reported Depreciation 2015 $(58,200) $ 4,200 2016 57,400 12,600 2017 36,400 11,500 2018 85,000 5,900 *First year of operations. The company has a Dec 31 year-end. The tax rate is 20%. No dividends were declared until 2019, $39,200 of dividends were declared and paid in Dec 2019. Income for 2019, calculated using the new accounting policy, was $412,800 after income tax Required: a) Calculate the earnings correction that Moncton Developments itd_must show in the 2019 financial statements b) Prepare the 2019 entry to record the change in accounting policy. General Journal Date Account Titles and Explanation Debit Credit ntion that would annear on Moncton Development's statement of changes in c) Present the retained earings reconciliation that would appear on Moncton Development's statement of changes in equity Page 5