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During 2016, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2014 70,000 overstated 2015 95,000

During 2016, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2014 70,000 overstated

2015 95,000 overstated Paul uses the periodic inventory system. Prior to any adjustments for these errors and ignoring income taxes, Pauls 2015 Net Income would be:

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