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By how much should retained earnings be adjusted

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Reference no: EM133087664

Question - Powell Company had the following errors over the last two years:

2019: Ending inventory was overstated by $33,000 while depreciation expense was overstated by $25,800.

2020: Ending inventory was understated by $11,000 while depreciation expense was understated by $7,400.

By how much should retained earnings be adjusted on January 1, 2021?

Reference no: EM133087664

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