Effect of errors in phincal impentory Madison Alver Supply Co, sells candes, kaysks, whitewater rafts, and cther boating supghies. During the taking of its physkest inventory on December 11, 20Y8, Madison incorrectly counted its inventory as $392.600 instead or the correct ameunt of $404.460. Enter all amounts as positive numbers: a. State the effects of the erroc on the December 31,20y8, balance sheet of Msdison Fiver Supply. b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31 , 208. c. If uncorrected, what would be the effects of the error on the 20yg income statervent? Effect of errors in phincal impentory Madison Alver Supply Co, sells candes, kaysks, whitewater rafts, and cther boating supghies. During the taking of its physkest inventory on December 11, 20Y8, Madison incorrectly counted its inventory as $392.600 instead or the correct ameunt of $404.460. Enter all amounts as positive numbers: a. State the effects of the erroc on the December 31,20y8, balance sheet of Msdison Fiver Supply. b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31 , 208. c. If uncorrected, what would be the effects of the error on the 20yg income statervent