Ashe Company was terrible at properly valuing its inventory. It understated ending inventory in 2017 by $1,100 and overstated ending inventory in 2018 by $1,700.

Provide the impact of the errors on the following:

Assets as of 12/31/18: $_____________ Overstated Understated

Equity as of 12/31/18: $_____________ Overstated Understated

Net income for 2019: $_____________ Overstated Understated

Net income for 2018: $_____________ Overstated Understated