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What amount should conn report

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Conn Co. reported a retained earnings balance of $400,000 at December 31, year 1. In August, year 2, Conn determined that insurance premiums of $60,000 for the three-year period beginning January 1, year 1, had been paid and fully expensed in year 1. Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its year 2 statement of retained earnings?

Reference no: EM131832736

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