A company made an error in calculating and reporting depreciation expense in 2011. The error was discovered in 2012. The item should be reported as a prior period adjustment:
A) on the 2011 statement of retained earnings.
B) on the 2011 income statement.
C) on the 2012 statement of retained earnings.
D) on the 2012 income statement.
E) accounted for with a cumulative "catch-up" adjustment.
Correct Answer:
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