7.5 Effect of Inventory Errors The net income for Tina's Company for the current year was $255,000, while the total assets reported were $3,200,000. At the beginning of that year, the inventory was understated by $69,000, and at the end of the year it was understated by $30,000. The correct amount for total assets and net income for the year should be $3,200,000 and $255,000 $3,230,000 and $216,000. $3,170,000 and $294,000. $3,230,000 and $285,000