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What is the retained earnings on December

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Reference no: EM132964478

Question - When preparing the financial statements for 2020. Francisco Company discovered computational errors in the 2018 and 2019 depreciation expense. These errors resulted in overstatement of each year's income by P25,000, net of income tax. The net income for 2020 is correctly reported at P500,000.

The following amounts were reported in the previously issued financial statements:

Particulars

Retained Earnings, January 1 Net Income

Retained Earnings, December 31

What is the retained earnings on December 31, 2020?

Reference no: EM132964478

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