How much should retained earnings be retroactively adjusted

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Reference no: EM132788512

Victory Company's statements for 2018 and 2019 included errors as follows:

Year Ending Inventory Depreciation

2018 P200,000 under P50,000 under
2019 P300.000 over P90,000 over

Problem 1: How much should retained earnings be retroactively adjusted at January 1. 2020?

Reference no: EM132788512

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