Current Attempt in Progress Malcolm Lee Industries reported the following amounts in its December 31st financial statements: Cost of Goods sold Ending Inventory 2020 $270,800 55,600 2021 $287,100 55,600 Errors were made in each year as follows: in 2020, ending inventory was overstated by $10,000 while in 2021, ending inventory was understated by $6,800. Explain the impact of these errors for 2021 profit and owners' equity. Profits will be by $ Owners' equity will be by $