In the current year, a company discovered errors in previously reported nancial statements that overstated ending inventory on December 31 of the prior year by $14,000, and overstated ending inventory on December 31 of two years prior by $21,000. Prepare the correcting entry required on January 1 of the current year, ignoring income taxes.

in the current year, a company discovered errors in previously reported financial statements that overstated eng overstated ending inventory on December 31 of two years prior by $21,000. Prepare the correcting entry require Reporting an Inventory Error In the current year, a company discovered errors in previously reported finane overstated ending inventory on December 31 of two years prior by $21,000. Pr