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101. Black, Inc. is a calendar-year corporation whose financial statements for 2025 and 2026 included errors as follows: Assume that purchases were recorded correctly and

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101. Black, Inc. is a calendar-year corporation whose financial statements for 2025 and 2026 included errors as follows: Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2025, or at December 31, 2026. Ignoring income taxes, by how much should Black's retained earnings be retroactively adjusted at January 1, 2027? 101. Black, Inc. is a calendar-year corporation whose financial statements for 2025 and 2026 included errors as follows: Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2025, or at December 31, 2026. Ignoring income taxes, by how much should Black's retained earnings be retroactively adjusted at January 1, 2027

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