Gardiner, Inc. reported a retained earnings balance of $190,000 at December 31, 2024. In June 2025, Gardiner discovered that merchandise costing $20,000 had been improperly included in ending...

Gardiner, Inc. reported a retained earnings balance of $190,000 at December 31, 2024. In June 2025, Gardiner discovered that merchandise costing $20,000 had been improperly included in ending inventory in its 2024 financial statements. Also, a $50,000 accrued expense was omitted on 12/31/24. Gardiner has a 20% tax rate. Assuming the correcting journal entry net of tax was recorded, what amount should Gardiner report as adjusted beginning retained earnings in its 2025 statement of retained earnings?

a.$226,000

b.$120,000

c.$166,000

d.$160,000

e.$134,000