Creole Company reports net income of ($ 90,000) in 1998. However, ending inventory was understated by ($

Question:

Creole Company reports net income of $\$ 90,000$ in 1998. However, ending inventory was understated by $\$ 7,000$. What is the correct net income for 1998? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 1998?

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