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Inventory at the end of 20x1 was valued at $30,000. During 20x2, it was discovered that the value should have been $40,000. The books

Inventory at the end of 20x1 was valued at $30,000. During 20x2, it was discovered that the value should have been $40,000. The books were still open in 20x2. What is the correcting entry? What if the error was discovered in 20x3?

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