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By how much should retained earnings be adjusted on january

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Reference no: EM132943046

Question - Powell Company had the following errors over the last two years: 2019: Ending inventory was overstated by $34,500 while depreciation expense was overstated by $24,600.

2020: Ending inventory was understated by $7,500 while depreciation expense was understated by $6,400.

By how much should retained earnings be adjusted on January 1, 2021? (Ignore taxes)

Reference no: EM132943046

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