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6) Chad Inc. reported total assets of $4,800,000 and net income of $623,000 for the current year. Chad determined that inventory was understated by $146,000

6) Chad Inc. reported total assets of $4,800,000 and net income of $623,000 for the current year. Chad determined that inventory was understated by $146,000 at the beginning of the year and $28,000 at the end of the year. What is the corrected amount for total assets and net income for the year?

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