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A company overstated its ending inventory balance by $7,000 in 2021. What impact will this error have on total assets and retained earnings in 2021

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A company overstated its ending inventory balance by $7,000 in 2021. What impact will this error have on total assets and retained earnings in 2021 and 2022 (gnoring tax effects)? 2021 Total assets Retained earnings 2022 Total assets Retained earnings

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