Cody Company reports net income of ($90,000) in 2008. However, ending inventory was understated ($10,000.) What is

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Cody Company reports net income of $$90,000$ in 2008. However, ending inventory was understated $$10,000.$ What is the correct net income for 2008? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2008?

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