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2. Hooper Company's condensed income statements for two years follow. ( 5 marks) After the end of 2014, the company discovered that an error had

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2. Hooper Company's condensed income statements for two years follow. ( 5 marks) After the end of 2014, the company discovered that an error had resulted in a $36,000 understatement of the 2013 ending inventory. Compute the corrected operating income for 2013 and 2014. What effect will the error have on operating income and owner's equity for 2015

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