Moonstay’s accountants originally charged $43.4 million of cash expenditures in 1997 to the restructuring accrual account established in late 1996. According to the review conducted by the two CPA firms, only $21.2 million of cash paid in 1997 actually related to the restructuring of Moonstay. What was the effect on the 1997 reported earnings of improperly charging (debiting) $22 million to the restructuring accrual account? What are some of the accounts that probably should have been debited instead?
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