In 2015, ABC Company noted that it incorrectly recorded sales in 2014 Financial Statements that was made on account. The sales that was recognized was S100,000 and CoGS was $60,000. Record the entry to correct this error assuming the tax rate used was 20% Retained Earnings Income Tax Payable Inventory 32,000 A 8,000 B 60,000 C Accounts Receivable 100,000 D Entries that were incorrectly made in 2014 Accounts Receivable Revenues 100,000 D 00,o0o Cost of Sales Inventory 60,000 60,000 C As Part of the Separate Income Tax entry made: Income Tax Exp 2096 Income Tax Payable 8,o0o 8,000 B In 2015, you correct by taking entire change to Income Statement to Retained Earnings Sales Incorrectly Booked Less: COS Incorrectly Booked Less: Income Taxes Incorrectly Booked Net Change to Retained Earnings