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Assume that ending inventories of Company X at the end of Years 1 and 2 were each understated by $80,000 and $100,000 respectively. Required: For

Assume that ending inventories of Company X at the end of Years 1 and 2 were each understated by $80,000 and $100,000 respectively.
Required:
For each of the above, prepare the required journal entries if the books are i) Open and ii) Closed.

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