Armstrong Inc is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors 2020 Ending Inventory Depreciation expense 550.000 overstatement 10,000 understatement 2021 $60,000 understatement 40,000 overstatement Assume that no correcting entries were made at 12/31/20 or 12/31/21. Ignoring income taxes, by how much will retained earnings at 12/31/21 be overstated or understated? $80,000 understatement $70.000 understatement $1100 000 overstatement $30 000 overstatement