14 In preparing the year-end financial statements for 20X7, the controller of Risk'n Save Inc. discovered that the opening Inventory for 20x6 had been overstated by $20,000. The company has a 20% income tax rate. Required: 1. How will discovery of this error change the amounts previously reported on the company's SFP and SCI for the years prior to 20X7? Toolbar navigation BI S 015911 RO 2. What will be the impact on the company's 20X7 reporting? Too bar navigation BIUS 3 Se A 3