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The Bourbon Street Ice Cream Company discovers that depreciation expense was overstated last year. How should this discovery be reported in the current year? a.
The Bourbon Street Ice Cream Company discovers that depreciation expense was overstated last year. How should this discovery be reported in the current year?
a. As a reduction in the current year's depreciation expense
b. As an increase to the retained earnings beginning balance
c. As a footnote only to the current year's financial statements
d. As a miscellaneous item in the Other Revenue/Expense section of the income statement
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