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Calculate amount which income before income tax understated

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Reference no: EM133067130

Question - Schreiber Corporation has a year end of July 31.  Schreiber Corporation's financial statements included the following errors for the 2021 and 2022 years:

 

2021

2022

Ending inventory

$25,000 understated

$45,000 overstated

Required - Calculate the amount by which income before income taxes was understated or overstated for: The 2021 year and The 2022 year.

Reference no: EM133067130

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