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Question - Tessari, Ltd. is a calendar-year corporation. Its financial statements for the years 2011 and 2010 contained errors as follows:
2011
2010
Ending inventory
$4,000 overstated
$7,000 overstated
Depreciation Expense
$2,000 understated
$8,000 overstated
Assume that the proper correcting entries were made at December 31, 2010. By how much will 2011 net income be overstated or understated?
1. $2,000 overstated
2. $2,000 understated
3. $6,000 overstated
4. $1,000 understated
5. $4,000 overstated
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