Question 34(10 points) a) Shooting Star was formed in 2019 and is...
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Question points a Shooting Star was formed in and is undergoing an audit for the first time for the year ended As part of the audit it was discovered that $ debited to repairs & maintenance expense at the beginning of should have been capitalized as leasehold improvements. Since the & financial statements were not public, the change will be reported on the financial statements as a prior period adjustment. Using a tax rate, give the necessary journal entries related to correcting & Leasehold improvements are depreciated over years. b Also, the unadjusted balance of retained earnings is $ on The net income for the year ended is $ No dividends were paid. Prepare the Retained Earnings Statement for the year ended
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a Shooting Star was formed in and is undergoing an audit for the first time for the year ended As part of the audit it was discovered that $ debited to repairs & maintenance expense at the beginning of should have been capitalized as leasehold improvements. Since the & financial statements were not public, the change will be reported on the financial statements as a prior period adjustment. Using a tax rate, give the necessary journal entries related to correcting & Leasehold improvements are depreciated over years.
b Also, the unadjusted balance of retained earnings is $ on The net income for the year ended is $ No dividends were paid. Prepare the Retained Earnings Statement for the year ended
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