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Case Study 3 Facts (a) The internal auditor of Vigilant Inc. noticed in 200Y that in 200X the entity had omitted to record in its
Case Study 3 Facts (a) The internal auditor of Vigilant Inc. noticed in 200Y that in 200X the entity had omitted to record in its books of accounts an amortization expense amounting to $30,000 relating to an intangible asset. (b) An extract from the income statement for the years ended December 31,200X and 200Y, before correction of the error follows: (c) The "retained earnings" of Vigilant Inc. for 200X and 200Y before correction of the error are (d) Vigilant Inc.'s income tax rate was 20% for both years. Required Present the accounting treatment prescribed by IAS 8 for the correction of the errors
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