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Question 34 Not yet answered Points out of 3.00 Straightarm Inc. is a calendar-year corporation....

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Question 34 Not yet answered Points out of 3.00 Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors 2017 $15,000 understatement $6,000 understatement 2018 $24,000 overstatement $12,000 understatement Ending inventory Flag question Depreciation expense Failed to record Unearned Revenue at 12/31/18: $7,000 Straightarm declared a cash dividend of $11,000 on 12/31/18. No journal entry was made in 2018. The dividend was paid on 1/3/19; Cash debited Retained Earnings and credited 12/31/18 Retained Earnings is in error by Select one O a. $75,000 O b. $60,000 O c. $54,000 O d. $46,000 O e. $42,000

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