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At what amount should retained earnings be retroactively

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Reference no: EM133185746

Question - Blue Company revealed the following errors in the financial statements:

 

Ending Inventory

Depreciation

2020

200,000 understated

50,000 understated

2021

300,000 overstated

100,000 overstated

Required - At what amount should retained earnings be retroactively adjusted on January 1, 2022?

Reference no: EM133185746

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