Net income for the 20X7 equals $654, 800. During the next year, it was discovered that ending inventory for 20X7 was intentionally overstated by $7, 200. How will that error affect 20X8 net income? It will have no effect on 20X8 net income because the error was discovered after-the-fact. Net income for 20X8 will be understated. Net income for 20X8 will also be overstated. Cannot be determined without knowing the amount of 20X8 net income or net loss