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In 2013, due to a change in marketing forecasts, Barney Corporation reduced the projected life...

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Accounting

In 2013, due to a change in marketing forecasts, Barney Corporation reduced the projected life of its patent for producing round dice. The cumulative patent amortization prior to 2013 would have been $19 million higher had the new life been used. Barney's tax rate is 40%. Barney's retained earnings as of December 31, 2013, would be:

a. overstated by $10 million

b. overstated by $3 million

c. understated by $3 million

d. overstated by $7 million

e. none of the above

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