15. C Co. reported a retained earnings balance of $310,000 at December 31, 2017. In September 2018, C determined that insurance premiums of $81,000 for the three-year period beginning January 1, 2017, had been paid and fully expensed in 2017. C has a 40% income tax rate. What amount should C report as adjusted beginning retained earnings in its 2018 statement of retained earnings? Multiple Choice $358,600. $337,000 $364.000 $342,400. 16. Moonland Company's income statement contained the following errors Ending inventory, December 31, 2018, understated by $13,500 Depreciation expense for 2018 overstated by $1,90016. What is the effect of the errors on 2018 net income before taxes? Understated by $11.600. Understated by $15,400. Overstated by $11,600. Overstated by $15,400. 17. A broadcasting company failed to make a year-end accrual of $340,000 for fines due to a violation of FCC rules. Its tax rate is 30%. As a result of this error, net income was: Overstated by $102,000. Unaffected Overstated by $238.000. Overstated by $340.000. 18. Contingently issuable shares may be included in: None of these answer choices are correct Basic EPS and Diluted EPS. Diluted EPS. Basic EPS. 19. Which of the following is a correct statement concerning earnings per share? Earnings per share must be reported for all corporations. If a company has discontinued operations, at least two EPS amounts must be reported. Earnings per share can never be a negative number. Reported earnings per share is the result of dividing weighted-average shares by net income. 20. Earnings per share data is required to be reported: Only if it adds to the relevance of the income statement. In the summary section of the annual report. In disclosure notes to the financial statements. On the face of the income statement. 21