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Brief Exercise 9-15 (Static) Inventory error [LO9-7] In 2024, Waterway International, Incorporated's controller discovered that ending inventories for 2022 and 2023 were overstated by $200,000

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Brief Exercise 9-15 (Static) Inventory error [LO9-7] In 2024, Waterway International, Incorporated's controller discovered that ending inventories for 2022 and 2023 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2024. (Ignore income taxes.)

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