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Effects of Inventory Errors Necessary Toys Company's condensed income statements for two years follow. After the end of 2014, the company discovered that an error

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Effects of Inventory Errors Necessary Toys Company's condensed income statements for two years follow. After the end of 2014, the company discovered that an error had resulted in an $18,000 understatement of the 2013 ending inventory. Compute the corrected operating income for 2013 and 2014. What effect will the error have on operating income and stockholders' equity for 2015

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