Nandane's published retained earnings at 1 January 2024 (opening of the earliest period presented) amount to 1,250,000. An asset overstated by 80,000 since 2022 is discovered; the correction gives rise to a deferred tax asset at a rate of 25 % (case data). Compute the restated opening retained earnings.
- Published opening retained earnings
- 1,250,000
- Asset overstatement
- 80,000
- Tax rate
- 25 %