Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $6 million as of December 31, 2018. Prewitt has a tax rate of 30%. Prewitt's retained earnings as of December 31, 2018, would be (Round million answer to 2 decimal places.):

Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $6 million as of December 31, 2018. Prewitt has a tax rate of 30%. Prewitt's retained earnings as of December 31, 2018, would be (Round million answer to 2 decimal places.):

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help me with solution.

Due to an error in computing depreciation expense,
Prewitt Corporation overstated accumulated depreciation
by $6 million as of December 31, 2018. Prewitt has a tax
rate of 30%. Prewitt's retained earnings as of December
31, 2018, would be (Round million answer to 2 decimal
places.):

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