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Prepare the 2017 journal entry to record the correction

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WTX found that the 2016 ending inventory was $3,680,000 but was erroneously recorded as $3,860,000. Prepare the 2017 journal entry to record the correction of this error. Use Deferred Tax Liability account for the tax effect and 40% tax rate. If no entry is needed, write "no journal entry."

Reference no: EM132323142

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