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What is the adjustment on the beginning retained earnings

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Problem 1: Audi Company had been previously using the asset method for accounting prepayments. On January 1, 2021, the company shifted from the asset method to the expense method of accounting for prepayments on which the company can justify the change in policy for both income tax reporting and financial statement reporting. The company's prepaid advertising totaled P650,000 on January 1, 2021. The company's effective income tax rat is at 30%. What is the adjustment on the beginning retained earnings for the effect of the change in accounting policy?

Reference no: EM132952625

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