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The First Balance Sheet Presented Under the New Method Is

Question 52

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The first balance sheet presented under the new method is December 31,2014.The cumulative effect after tax in retained earnings is computed as follows:
The first balance sheet presented under the new method is December 31,2014.The cumulative effect after tax in retained earnings is computed as follows: The cumulative effect of the change is $15,000 plus $12,000 equals $27,000. The cumulative effect of the change is $15,000 plus $12,000 equals $27,000.

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