Page 10 of 14 ACT 30IB (Wang) II.Preblem Selving Questions earnings statements for NAND inc f0s peints).Prescoted below are the comparative retained for the years 20X2 and 20X3. z0x2 20x3 $152,640 Retained canings (Jan. 1 Net income Retained carnings (Dec. 31) 63,744 88,896 $152.640 60,672 $213,312 In 20X3, 20X2 on a in its tax the company discovered that it failed to record $20,928 of depreciation expense in newly constructed building. The company correctly included the depreciation expense return and correctly reported its income taxes payable. Assume tax rate is 25%. Required a. Prepare the proper correcting entry in 20X3. (9 points) b. Complete the revised retained earnings statement for 20X2 and 20X3, assuming comparative statements as follows. 6 points) NAND INC Retained Earnings Statement For the Year Ended 20X3 20X2 Retained Earnings, Jan. I, unadjusted $152,640 Add (Less): Correction of an error (depreciation), after tax Retained Earnings, Jan. 1, adjusted $63,744 Add: Net income Retained Earnings, Dec. 31