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A company overstated its liability for warranties by $160,000. Its tax rate is 25%. As a result of this error, income tax expense is: Unaffected.

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A company overstated its liability for warranties by $160,000. Its tax rate is 25%. As a result of this error, income tax expense is: Unaffected. Overstated by $40,000. Understated by $40,000. Understated by $120,000

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