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Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What is the correct net income for 2017? The

Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What is the correct net income for 2017? The correct net income What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017

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