Business, 28.01.2020 19:51 lilypup004

The year 1 financial statements of bice company reported net income for the year ended december 31, year 1, of $2 million. on july 1, year 2, subsequent to the issuance of the year 1 financial statements, bice changed from an accounting principle that is not generally accepted to one that is generally accepted. if the generally accepted accounting principle had been used in year 1, net income for the year ended december 31, year 1, would have been decreased by $1 million. on august 1, year 2, bice discovered a mathematical error relating to its year 1 financial statements. if this error had been discovered in year 1, net income for the year ended december 31, year 1, would have been increased by $500,000. what amount, if any, should be included in net income for the year ended december 31, year 2, because of the items noted above?
a. $1,000,000 decrease.
b. $500,000 increase.
c. $0.
d. $500,000 decrease.

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The year 1 financial statements of bice company reported net income for the year ended december 31,...

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