Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical Inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $358,800 instead of the correct amount of $344,450. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 2048, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Overstated/Understated Amount Merchandise Inventory Current Assets Total Assets Owner's Equity