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“In 2007 there will be an adjustment to Retained Earnings of $13,000 decrease and a fall in the value of inventory in the 2007 statement of financial position”
“In total, Retained Earnings will have been reduced in 2007 by $13,000 and in 2008 by a further $18,000. The credit side of these reductions is in the value of the 2008 closing inventory that has fallen in value by $31,000”
What I was missing is the adjustment to RE in the 2007 so it did not add up.
Understood. Thank you, Sir.
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