In 2017, Antiques Inc. incorrectly recorded ending inventory $970,000 instead of $790,000. The controller discovered the error in 2019 when reviewing the final entries for 2018 financial statements. The books are not closed in 2018. The 2018 ending inventory amount was correct. The tax rate for all years is 40%.Which of the following entries is correctly written and dated?

A. January 1, 2018

Inventory 180,000

Income Tax Payable 72,000

Retained Earning-Prior Period Adj. 108,000

B. December 31, 2018

Retained Earnings -Prior Period Adj 108,000

Income Tax Receivable 72,000

Inventory 180,000

C. December 31, 2017

Retained Earnings -Prior Period Adj 108,000

Income Tax Receivable 72,000

Inventory 180,000

D. December 31, 2018

Inventory 180,000

Income Tax Payable 72,000

Retained Earning-Prior Period Adj. 108,000