Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $23...
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Accounting
Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $23 million as of December 31, 2016. Prewitt has a tax rate of 35%. Prewitt's retained earnings as of December 31, 2016, would be (Round million answer to 2 decimal places.): Multiple Choice
A. Understated by $8.05 million.
B. Understated by $14.95 million.
C. Overstated by $14.95 million.
D. Overstated by $8.05 million.
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