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Chi Corporation reports the following information for 2023: Correction of overstatement of depreciation expense ...

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Accounting

Chi Corporation reports the following information for 2023:

Correction of overstatement of depreciation expense

in prior years, net of tax $ 2,000,000

Dividends declared and paid 1,000,000

Net income 6,000,000

Retained earnings, 1/1/2023, as reported 10,000,000

Adjusted (Corrected) Retained Earnings as of 1/1/2023?

Balance of Retained Earnings as of 12/31/2023?

The adjusted journal entry to correct the prior year's omission of depreciation expense is?

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