Bettner, Inc., is a calendar-year corporation whose financial statements for 20X0 and 20X1 included errors as follows:
Year Ending Inventory Depreciation Expense
2010 $ 12,000 overstated $ 22,300 overstated
2011 8,000 understated 6,000 understated
Assume that inventory purchases were recorded correctly and that no correcting entries were made at December 31, 20X0, or December 31, 20X1. The errors were discovered in 20X2, after the 20X1 financial statements were issued.
Required: Ignoring income taxes, prepare the journal entry Bettner would make in 2012 to correct the errors.
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Bettner, Inc., is a calendar-year corporation whose financial statements for 20X0 and 20X1 included...
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