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At the beginning of Year 1, the company's inventory level was stated correctly. At the end of Year 1, inventory was understated by $2,000. At

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At the beginning of Year 1, the company's inventory level was stated correctly. At the end of Year 1, inventory was understated by $2,000. At the end of Year 2, inventory was overstated by $450. Reported net income was $3,000 in Year 1 and $3,000 in Year 2. 4. The correct amount of net income in Year 1 is

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