Reporting an Accounting Error An error considered material of $200,000 (net of tax) to Netbic Corp. was discovered during the current year that originated last year. The err beginning balance in retained earnings of $3,200,000, a current year net los $ of $80,000, and that no dividends were declared or paid during - Hint: Adjust the beginning balance of retained earnings for the error. - Use a negative sign to indicate a subtraction. ed during the current year that originated last year. The error represents an overstatement of the companys previousty reported revenues. Assurning an unadiusted 80,000 , and that no dividends were declared or paid during the current year, prepare its statement of retained earnings for the current year