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Cullumber Ltd. is a calendar-year corporation. Its financial statements for the years 2023 and 2022 contained errors as follows: Assume that no correcting entries were

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Cullumber Ltd. is a calendar-year corporation. Its financial statements for the years 2023 and 2022 contained errors as follows: Assume that no correcting entries were made at December 31, 2022. Ignoring income taxes, by how much will retained earnings December 31,2023 be overstated or understated? $3100 understated $5200 overstated $5200 understated $13500 understated

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