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Business, 19.09.2020 01:01 jessica112776

Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/24 and 12/31/25 contained the following errors: 2024 2025 Ending inventory $15,000 understatement $24,000 overstatement Depreciation expense 6,000 understatement 12,000 understatement Failed to record Unearned Revenue at 12/31/25: $7,000 Straightarm declared a cash dividend of $11,000 on 12/31/25. No journal entry was made in 2025. The dividend was paid on 1/3/26; Straightarm debited Retained Earnings and credited Cash. 12/31/26 Retained Earnings is in error by:

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Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/...

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