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Please help! Ivanhoe Company Company reported profit of $84,000 in 2023. When counting its inventory on December 31,2023 , the company forgot to include items

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Ivanhoe Company Company reported profit of $84,000 in 2023. When counting its inventory on December 31,2023 , the company forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by $7.000. What is the correct profit for 2023 ? $ What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31.2023? Effect on total assets

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