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What amount should abby and co report

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Question - Abby and Co. reported a retained earnings balance of $500,000 at December 31, 2010. In September 2011, Abby and Co. determined that insurance premiums of $90,000 for the three-year period beginning January 1, 2010, had been paid and fully expensed in 2010. Abby and Co. has a 30% income tax rate. What amount should Abby and Co. report as adjusted beginning retained earnings in its 2011 statement of retained earnings?

Reference no: EM131820443

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