Calculations and explanations

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Reference no: EM13912858

A company reported total assets of $1,800,000 and net income of $240,000 for the current year. Risers determined that inventory was overstated by $18,000 at the beginning of the year.

a. Assume management has not yet corrected this error.

b. What is the corrected amount for total assets and net income for the year? With calculations and explanations.

Reference no: EM13912858

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