Multiple Choice
Due to an error in computing depreciation expense,Crote Corporation understated accumulated depreciation by $60 million as of December 31,2016.Crote has a tax rate of 40%.Crote's retained earnings as of December 31,2016,would be:
A) Overstated by $36 million.
B) Understated by $36 million.
C) Overstated by $24 million.
D) Understated by $24 million.
Correct Answer:
Verified
Correct Answer:
Verified
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