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ABC, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows: 2021 2020 Ending inventory $9,000 overstated

ABC, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows:

2021 2020

Ending inventory $9,000 overstated $24,000 overstated

Assume that no corrections were made. By how much will 2021 income before taxes be overstated or understated?

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