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During 2025, Kaul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Prior to any adjustments for
During 2025, Kaul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Prior to any adjustments for these errors and ignoring income taxes, Net Income for 2025 would be: Select one: a. Correct b. $75,000 overstated c. $15,000 overstated d. $135,000 overstated e. $75,000 understated
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