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Score: 0 of 10 pts 10 of 11 (1 complete) HW Score: 9.09%, 10 of 110 pts E15-18 (similar to) Question Help alts In 2018,
Score: 0 of 10 pts 10 of 11 (1 complete) HW Score: 9.09%, 10 of 110 pts E15-18 (similar to) Question Help alts In 2018, Meredith Inc, discovered an error in its 2015 financial statements. The firm recorded $13,000,000 of depreciation expense on its equipment instead of recording $10,000,000. Meredith has a constant tax rate of 45% and reports 3 years of comparative income statements and 2 years of comparative balance sheets with its financial reports. Assume that Meredith uses the same depreciation method for tax and financial reporting Retained earnings and accumulated depreciation as of December 31, 2017, were $12,070,000 and $5,900,000, respectively. Fog Read the requirements Requirement a. What is the necessary journal entry to record the prior period adjustment? (Record debits first then credits Exclude explanations from any journal entries.) xt Account Current Year LIE mudy Cre WML respective U MOJI Depreciation as of O equirements a. What is the necessary journal entry to record the prior period adjustment? b. How would Meredith report its accumulated depreciation and retained earnings balances in the restated balance sheet dated December 31, 2017? Print Done Credit
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