mber 31, 2021, Aries Corporation appropriately changed its inventory costing method from FIFO cost to weighted average cost method for financial statement and income tax purposes. The change will result in a P700,000 decrease in the beginning inventory of January 1, 2021. Assume a 30% income tax rate. What is the amount of addition (deduction) to the January 1, 2021 balance of retained earnings?

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