Question 11 Sunland, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows: 2021 2020 Ending inventory $8700 overstated $23000 overstated Depreciation expense $5900 understated $17000 overstated Assume that no correcting entries were made at December 31, 2020. Ignoring income taxes, by how much will retained earnings at December 31, 2021 be overstated or understated? W O $25400 understated $ 2400 understated $21540 overstated O $21540 understated