Q5
Single choice
Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of
1993. Both the $50,000 and the $30,000 are net of related income taxes.
What amount should Foy report as prior period adjustments in 1993?