Linx Company discovers in 2007 that its ending in- ventory at December 31, 2006, was $5,000 under-

Question:

Linx Company discovers in 2007 that its ending in- ventory at December 31, 2006, was $5,000 under- stated. What effect will this error have on

(a) 2006 net income,

(b) 2007 net income, and

(c) the com- bined net income for the 2 years?

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