How should correction of errors be reported in the financial statements? Discuss the appropriate…

How should correction of errors be reported in the financial statements? Discuss the appropriate treatment in the financial statements of each of the following. (a) Gain on sale of investment securities. (b) A profit-sharing bonus to employees computed as a percentage of net income. (c) Additional depreciation on factory machinery because of an error in computing depreciation for the previous year. (d) Rent received from subletting a portion of the office space. (e) A patent infringement suit, brought 2 years ago against the company by another company, was settled this
How should correction of errors be reported in the financial statements? Discuss the appropriate treatment in the financial statements of each of the following. (a) Gain on sale of investment securities. (b) A profit-sharing bonus to employees computed as a percentage of net income. (c) Additional depreciation on factory machinery because of an error in computing depreciation for the previous year. (d) Rent received from subletting a portion of the office space. (e) A patent infringement suit, brought 2 years ago against the company by another company, was settled this year by a cash payment of $725,000. (f) A reduction in the Allowance for Doubtful Accounts balance because the account appears to be considerably in excess of the probable loss from uncollectible receivables.

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