On January 1, Year 1, Warren Co. purchased a $600,000 machine, with a 5-year useful life and no salvage value. The machine was depreciated by an accelerated method for book and tax purposes. The machine’s carrying amount was $240,000 on December 31, Year 2. On January 1, Year 3, Warren changed to the straight-line method for financial statement purposes only. Warren had planned the change in accordance with a consistently applied policy. Warren’s income tax rate is 30%. In its Year 3 financial statements, what amount should Warren report as the cumulative effect of this change on the beginning balance of retained earnings if it issues single-period statements only?