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Othello Company understated its inventory by $20,000 at December 31, 2012. It did not correct the error in 2012 or 2013. As a result, Othello's

Othello Company understated its inventory by $20,000 at December 31, 2012. It did not correct the error in 2012 or 2013. As a result, Othello's owner's equity was:

understated at December 31, 2012, and overstated at December 31, 2013.

understated at December 31, 2012, and properly stated at December 31, 2013.

overstated at December 31, 2012, and overstated at December 31, 2013.

understated at December 31, 2012, and understated at December 31, 2013.

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