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Princess Co. uses a periodic inventory system. Beginning inventory on January 1, 2019 was overstated by $32,000, and its ending inventory on December 31, 2019

Princess Co. uses a periodic inventory system. Beginning inventory on January 1, 2019 was overstated by $32,000, and its ending inventory on December 31, 2019 was understated by $62,000. These errors were not discovered until 2020. As a result, Princess' net income for 2019 was:

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