What should kls profit and retained earning be, Financial Accounting

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What should kls profit and retained earning be

Problem

Kl reported $1.400.000 profit in fiscal year ended Dec 31, 2020 and has retained earnings of $2,100,000. After firing his accountant, mike, Kl discovered that Dec 31, 2019 inventory was oversated by $150,000 and the Dec 31, 2020 inventory was overstated by 41,000. Also depreciation was overstated by 20,000 in 2019 and understated by 30,000 in 2020. What should Kl's Dec 31, 2020 profit and retained earning be?

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Financial Accounting: What should kls profit and retained earning be

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