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What amount should tack report

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Tack, Inc. reported a retained earnings balance of $150,000 at December 31, year 1. In June year 2, Tack discovered that merchandise costing $40,000 had not been included in inventory in its year 1 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 2?

Reference no: EM131832739

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