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Question - ABC Company reported net incomes for a three-year period as follows:
2018, $180,000
2019, $190,000
2020, $200,000
In reviewing the accounts in 2021 after the books for the prior year have been closed, you find that the following errors have been made:
2018
2019
2020
Understatement of ending inventory
$40,000
$50,000
$30,000
Overstatement of depreciation expense
$6,000
$8,000
$10,000
Required -
1. Determine corrected net incomes for 2018, 2019, and 2020.
2. Prepare the journal entry to bring the books of the company up to date in 2021, assuming that the books have been closed for 2020.
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