1] 2} 3] 4] 5] Adjustment entries in 2020: Land adjusting entry carried from last year to update the opening balances in 2020. Adjustment for prior year end's accumulated depreciation, income tax payable and retained earnings. lCarried in 2020 to update 2019 opening balances. Depreciation adjusting entry in 2020. Income tax expense adjustment due to {3} above in 2020. Owner's transfer of land at fair value in 2020. mark mark mark mark mark mark mark mark mark mark mark