How does a corporation record and report a correction of a material error made in a previous

Question:

How does a record and report a correction of a material error made in a previous year in its current year’s financial statements?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...