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A tax lawsuit that involved the year 2018 was settled late in 2020. It was determined that the company owed an additional $84,000in tax related

A tax lawsuit that involved the year 2018 was settled late in 2020. It was determined that the company owed an additional $84,000in tax related to 2018. The company did not record a liability in 2018 or 2019, because the possibility of losing was considered remote. The company charged the $84,000to retained earnings in 2020 as a correction of a prior year's error.

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