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What is the adjustment to retained earnings on may

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Reference no: EM132968928

Utah Company purchased equipment that cost $3,000,000 on January 1, 2018. The entire cost was recorded as an expense. The equipment has a ten-year life and a $100,000 residual value. Utah uses the straight-line method to account for depreciation expense. The error was discovered on May 15, 2022.

Problem 1: What is the adjustment to retained earnings on May 15, 2022?

Reference no: EM132968928

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