At 1 January 2024, the opening of the earliest period presented, Stainine's published retained earnings amount to 2,300,000. The cumulative pre-tax effect of the new policy on prior years is an increase of 50,000; deferred tax rate of 25 % (case data). Compute restated opening retained earnings.
- Published opening retained earnings
- 2,300,000
- Cumulative pre-tax effect
- 50,000
- Tax rate
- 25 %