During 2018, wmc corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2016 understated by $ 120,000 2017 overstated by 150,000 wmc uses the periodic inventory system and the fifo cost method. required: 1-a. determine the effect of 2016 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 1-b. determine the effect of 2017 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 2. prepare a journal entry to correct the error made in 2017.

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u.s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.