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What is the adjustment to retained earnings at January

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Question - ABC Company purchased equipment that cost $200,000 on January 1, 2019. The entire cost was recorded as an expense. The equipment had a ten-year life. ABC uses the straight-line method to account for depreciation expense. The error was discovered on December 10, 2022. ABC is subject to a 20% tax rate. What is the adjustment to retained earnings at January 1, 2022?

Reference no: EM132608753

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