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During 2015, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2013 $60,000 understated 2014 $75,000

During 2015, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2013 $60,000 understated

2014 $75,000 overstated Prior to any adjustments for these errors, 2015 Net Income would be:

Select one:

a. Correctb. $75,000 overstatedc. $15,000 overstatedd. $135,000 overstatede. $75,000 understated

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