Ivanhoe Company reported profit of $84,000 in 2020. When counting its inventory on December 31, 2020, the company forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by $7,000. What is the correct profit for 2020? Correct profit $ What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31, 2020? Effect on total assets What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31, 2020? Effect on total assets Effect on owner's equity Assuming the inventory is correctly counted on December 31, 2021, what effect, if any, will this error have on the 2021 financial statements? 2021 Effect on total assets Effect on profit Effect on owner's equity