For the Year Ended December 31.2023 Balance, lanuary 2 a s reported Correction tor Depreciation Error Nert of Income Fax. Retroactive Adystment for Change in inventory Method Net of income Tax Balance. lanuary 1, as adjusted Add : Net income/atoss) 5 Lily Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Lily reported net income and declared dividends as follows:.