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5. Kendall Company reported the following net income amounts: $42,000 $67,000 $78,000 In 2017, the company discovered errors that had been made in computing the

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5. Kendall Company reported the following net income amounts: $42,000 $67,000 $78,000 In 2017, the company discovered errors that had been made in computing the ending inventories for 2014 and 2015 as follows: 2014 2015 Ending inventory overstated by $9,000. Ending inventory understated by $6,000. Compute the correct net incomes for (1) 2014, (2) 2015, and (3) 2016. ANS

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