On March 1, 2014, Broadfoot Bakeries, Inc. discovered an error in its inventory count on December 31,
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On March 1, 2014, Broadfoot Bakeries, Inc. discovered an error in its inventory count on December 31, 2013. The error had caused the prior year's cost of goods sold to be overstated by $110,000. The income tax rate is 25%. Prepare the journal entry to correct this error.
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Jan 1 Inventory 110000 In...View the full answer
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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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