The correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current A Retained earnings statement after net income but before dividends. B Retained earnings statement as an adjustment of the opening balance. C Income statement after income from continuing operations. D Income statement after income from continuing operations and after the results of discontinued operations. Which of the following should be reflected, net of applicable income taxes, in the statement of equity as an adjustment of the opening balance in retained earnings? A Correction of an error in previously issued financial statements. B Cumulative effect of a change in depreciation method. C Loss on disposal of a material component of an entity. D A material transaction that an entity considers to be unusual in nature