Question 16 (of 20) | Save & Exit submit Time remaining: 0:42:33 Powell Company had the following errors over the last two years 2014 Ending Inventory was overstated by $54.000 while depreclation expense was overstated by $24.300 Ending Inventory was understated by $6.500 while depreciation expense was understated by $4.200 errors over the last two years: 2015. By how much should retained earnings be adjusted on January 1, 2016? (Ignore taxes) O Decrease by $29,900. Increase by $47,500 O Decrease by $26,600. O increase by $26 .600