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Problem 1: After the issuance of its year 1 financial statements Terry, Inc. discovered a computational error of $150,000 in the calculation of its December 31, year 1 inventory. The error resulted in a $150,000 overstatement in the cost of goods sold for the year ended December 31, year 1. In October year 2, Terry paid $500,000 in settlement of litigation instituted against it during year 1. Ignore income taxes. In the year 2 financial statements the December 31, year 1 retained earnings balance, as previously reported, should be adjusted by a
Option 1: $500,000 debit.Option 2: $350,000 debit.Option 3: $650,000 credit.Option 4: $150,000 credit.
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