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Concord Watch Company reported the following income statement data for a 2-year period. Concord uses a periodic inventory system. The inventories at January 1,2021 ,

Concord Watch Company reported the following income statement data for a 2-year period. Concord uses a periodic inventory system. The inventories at January 1,2021 , and December 31,2022 , are correct. However, the ending inventory at December 31, 2021, was overstated $4,000. (a) Prepare correct income statement data for the 2 years

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