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Problem A The Rodgers Company discovered that its inventory was overstated by $750,000 after it had published its 2013 annual report. The company reported net
Problem A The Rodgers Company discovered that its inventory was overstated by $750,000 after it had published its 2013 annual report. The company reported net income of $10,000,000 on its 2013 income statement and had a tax rate of 20%. Assume tax expense has been recorded but not yet paid. 1. What specific accounts and amounts are impacted by this error? 2. When the company corrects this error and republishes its income statement, what will be the corrected net income
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