During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount of $560,700 Indicate the effect of the misstatement on Robin Interiors August 31, 20Y7, balance sheet and income statement for the year ended August 31, 20Y7 Also record the amount of each overstatement or understatement Enter all amounts as positive numbers Merchandise inventory Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 3 Current assets Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 6 Total assets Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 9 Owner's equity Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 12 Cost of merchandise sold Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 15 Gross profit Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 18 Net income Balance SheetIncome Statement OverstatedUnderstatedNo effect $fill in the blank 21

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During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount

During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount of $560,700. Indicate the effect of the misstatement on Robin Interiors August 31, 20Y7, balance sheet and income statement for the year ended August 31, 20Y7. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers.

Merchandise inventory	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 3
Current assets	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 6
Total assets	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 9
Owner's equity	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 12
Cost of merchandise sold	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 15
Gross profit	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 18
Net income	Balance SheetIncome Statement	OverstatedUnderstatedNo effect	$fill in the blank 21