Business, 05.05.2020 03:42 mehnamejet92

In the year 2 retained earnings statement as an $800,000 credit adjustment to the beginning balance. In the year 1 retained earnings statement as an $800,000 debit adjustment to the beginning balance. As an adjustment to the balances of inventory, and a retrospective application to cost of goods sold, net income, and retained earnings in the year 1 comparative financial statements. In the year 2 income statement as an $800,000 loss from cumulative effect of change in accounting principle.

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In the year 2 retained earnings statement as an $800,000 credit adjustment to the beginning balance....

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