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What should be the adjusted january

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Question 1: On September 1, Krant Corp. is loaned $200,000 by signing a 6%, 4-year notes payable. How much "interest expense" should be accrued in the company's December 31 adjusting entries? Round amounts to the nearest dollar.

Question 2: Reliable Motors understated its insurance expense by $44,700 in 20X1. The company makes an error correction on their 20X2 retained earnings statement. Assume a 20% income tax rate for both 20X1 and 20X2. If the company's January 1, 20X2 retained earnings balance is $214,000, what should be the "adjusted" January 1, 20X2 retained earning balance?

Reference no: EM132635834

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