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Malcolm Lee Industries reported the following amounts in its December 31st financial statements: Errors were made in each year as follows: in 2023 , ending

Malcolm Lee Industries reported the following amounts in its December 31st financial statements: Errors were made in each year as follows: in 2023 , ending inventory was overstated by $10,600 while in 2024 , ending inventory was understated by $6,700. Explain the impact of these errors for 2024 profit and owners' equity. Profits will be by $ Owners' equity will be by $

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