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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:

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