Multiple Choice Question 56 Cullumber Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors: 2018 Ending Inventory Depreciation expense 2017 $48000 overstatement 23000 understatement $104000 understatement 41000 overstatement Assume that no correcting entries were made at 12/31/17, or 12/31/18. Ignoring income taxes, by how much will retained earnings at 12/31/18 be overstated or understated? $71000 overstatement $104000 overstatement $25000 understatement $122000 understatement Click if you would like to Show Work for this questioni Open Show Work