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Discuss the effect of the error on retained eamings balance

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bEffect of an Error on retained Earnings for Multiple Year January 2, year 4, a company paid a 1200, three-year insurance premium on company property and debited insurance expense. but made no further jounal entry regarding the transaction. The error was never discovered, ignoring taxes, briefly discuss the effect of the error on the retained eamings balance at December 31, year 4, 5, 6, and 7.

Reference no: EM132716844

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