onda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $280108 instead of the correct amount of $172594. Enter all amounts as positive numbers. Answer: a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. Balance Sheet Item Overstated/Understated Amount (Put in as positive) Merchandise Inventory fill in the blank 2 Current Assets fill in the blank 4 Total Assets fill in the blank 6 Owner's Equity fill in the blank 8 b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year