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8PTS Q8 In 2018, the company wrote off $85,000 of inventory considered to be obsolete; this loss was charged directly to Retained Earnings. The entity

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8PTS Q8 In 2018, the company wrote off $85,000 of inventory considered to be obsolete; this loss was charged directly to Retained Earnings. The entity discovered the error before it closed the 2018 books Required: Prepare the 2018 journal entry necessary to correct the books

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