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For the year ended December 31st, 2021, Looks Very Familiar Limited (LVFL) reported a pre-tax income of $270,000. You recently learned that the companies beginning

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For the year ended December 31st, 2021, Looks Very Familiar Limited (LVFL) reported a pre-tax income of $270,000. You recently learned that the companies beginning inventory was overstated by $14,000 and their ending inventory was understated by $9000. Fill out the blanks provided below(9 marks): For all numerical answers, type the number without dollar signs, commas, or periods. Round all numbers to the nearest dollar. Example: for $68,000 enter 68000 Blank #1: Assuming there were no other errors in 2020, would the 2020 pre-tax income be over or under stated? (Type O if overstated and type U if understated) Blank #2: Assuming there were no other errors in 2020, by how much (i.e., dollar value) would 2020 pre-tax income be over or understated Blank #3: Assuming there were no other errors in 2020, would the 2020 total assets be over or understated? (Type O if overstated and type U if understated) Blank #4: Assuming there were no other errors in 2020, by how much would the 2020 total assets be over or understated? Blank #5: Based on the information provided in 2021, was total assets over or understated? (Type O if overstated and type U if understated) Blank #6: Based on the information provided, in 2021, by how much (i.e., dollar value) was total assets over or understated? Blank #7: Based on the information provided, in 2021, was total equity over or understated? (Type O if overstated and type U if understated) Blank #8: Based on the information provided, in 2021, by how much (i.e., dollar value) was total equity over or understated? Blank #9: What is LVFL's correct pre-tax income for 2021? Blank # 1 What is LVFL's correct pre-tax income for 2021? Blank #1 Blank # 2 Blank # 3 Blank #4 Blank # 5 Blank # 6 Blank # 7 Blank #8 Blank #9 SAS

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