Question: Powell Company had the following errors over the last two years 2016: Ending inventory was overstated by $52.500 while depreciation expense was overstated by 2017:

Powell Company had the following errors over the last two years 2016: Ending inventory was overstated by $52.500 while depreciation expense was overstated by 2017: Ending inventory was understated by $12.000 while depreciation expense was und $24.900. erstated by $7600. By how much should retained earnings be adjusted on January 1, 2018? (gnore taxes)

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