Question 9 of 15 - 71 Current Attempt in Progress Sheridan Company reported pront of $3,000 2020. When counting its inventory on December 31, 2020, the comforget to include items stored in a separate room in the warehouse. As a result, ending Inventory was understated by $8.000, What is the correct proht for 2020) Correct profit What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31, 20207 Effect on total assets Effect on owner's equity Assuming the inventory is correctly counted on December 31, 2021. what effectif any, will this error have on the 2021 financial statements? 2021 Effect on total assets Effect on pront Effect on owner's equity