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Richmond Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/19 and 12/31/20 contained the following errors: Assume that no correcting entries

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Richmond Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/19 and 12/31/20 contained the following errors: Assume that no correcting entries were made at 12/31/19, or 12/31/20. Ignoring income taxes, by how much will retained earnings at 12/31/20 be overstated or understated

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