Fox Co. reported a retained earnings balance of $800,000 at December 31, 20x1. In August 20x2, Fox determined that insurance premiums of $120,000 for the three-year period beginning January 1, 20x1, had been paid and fully expensed in 20x1. Fox has a 30% income tax rate. What amount should Fox report as adjusted beginning retained earnings in its 20x2 statement of retained earnings? a $840,000 b $880,000 c $836,000 d $884,000
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Home » Business » Fox Co. reported a retained earnings balance of $800,000 at December 31, 20x1. In August 20x2, Fox determined that insurance premiums of $120,000 for the three-year period beginning January 1, 20x1, had been paid and fully expensed in 20x1.