Marshall Company discovers in 2014 that its ending inventory at December 31, 2013, was $5,000 understated. What
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Marshall Company discovers in 2014 that its ending inventory at December 31, 2013, was $5,000 understated.
What effect will this error have on
(a) 2013 net income,
(b) 2014 net income, and
(c) the combined net income for the 2 years?
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