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Inventory on Dec. 31, 2020 for X Company was understated by $10,000. What is the effect on Net Income for 2021? (tax rate = 35%).

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Inventory on Dec. 31, 2020 for X Company was understated by $10,000. What is the effect on Net Income for 2021? (tax rate = 35%). 0 $10,000 overstated O $10,000 understated O $6,500 understated O $6,500 overstated

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