During 2012 the company discovered the following accounting errors 1- the machine has been mistakenly depreciated based on 5 years instead of 6 years. In July 1 2009, XYZ corporation Acquired an equipment on July 1 2009 at cost of $16000 the estimated useful life for the machine 6 years and the residual value $1000. Company use SLM for depreciation. 2- Ending inventory for year 2009 was overstated by $ 1800 3- Ending inventory for year 2010 was understated by $2000 Company subject to income tax rate 40%. Show the dollar amount of the combined effect, if any, and the nature of the effect (overstatement or understatement or correct) of these accounting errors on the reporting value of the following financial statement items as in the following table:

F S items the combined impact on reporting value of FS items NI 2009 Total Assets Dec. 31 2010 Owners Equity Dec. 31 2010 Total Liabilities

F S items	the combined impact on reporting value of FS items
NI 2009
Total Assets Dec. 31 2010
Owners Equity Dec. 31 2010
Total Liabilities