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Nbspthis overstatement of pretax income was material the

In Year 2, Jasper Corporation discovered that it forgot to accrued interest expense of $40,000 in Year 1. This overstatement of pretax income was material. The related income tax effect of this error was $12,000 for Year 1. Record the correcting entries in Year 2.

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Accounting Basics: Nbspthis overstatement of pretax income was material the

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