At the beginning of the year Candle Co$.$ has an inventory balance of $$32,000.$ The company has net income for the year of $$56,000.$ Later, the accountant discovers an error that caused the beginning invenotory to be understated by $$6,000.$

a$.$ Assuming no other changes, what is the correct net income for the year?

b$.$ If the error was discovered after year$-$end, what was the effect of the error on the balance sheet?