Effect of errors in physical inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31 , 20Y8, Madison incorrectly counted its inventory as $607,350 instead of the correct amount of $625,570. Enter all amounts as positive numbers. a. State the effects of the error on the December 31,20Y8, balance sheet of Madison River Supply