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How should MissTake deal with this situation

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Question - MissTake Corp. is a small private corporation that does not prepare comparative statements. At the end of their 2020 fiscal year, it was discovered that the 2019 depreciation expense on their computer equipment had been incorrectly debited to maintenance expense. How should MissTake deal with this situation?

1. Ignore it.

2. Prepare an adjusting entry to debit retained earnings and credit maintenance expense.

3. Restate their 2019 financial statements.

4. Prepare an adjusting entry to debit depreciation expense and credit maintenance expense.

Reference no: EM132605896

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