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Calculate amount by which income before taxes understated

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Reference no: EM133097341

Question - Marathon Company has a year end of August 31. Marathon Company's financial statements included the following errors for the 2021 and 2022 years:

 

2021

2022

Ending inventory

$15,000 overstated

$45,000 understated

Required - Calculate the amount by which income before income taxes was understated or overstated for:

1. The 2021 year

2. The 2022 year

Reference no: EM133097341

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