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The Community Store reported the following amounts on their financial statements for Year 1, Year 2, and Year 3 For the year ended December

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The Community Store reported the following amounts on their financial statements for Year 1, Year 2, and Year 3 For the year ended December 31 Year 1 Year 2 Year 3 Cost of goods sold Net income $ 75,000 $ 87,000 $ 77,000 22,000 25,000 21,000 Total current assets Equity 155,000 287,000 165,000 295,000 110,000 304,000 it was discovered early in Year 4 that the ending inventory on December 31, Year 1 was overstated by $8,600. The ending inventory on December 31, Year 2 and December 31, Year 3 were correct. Ignoring income taxes determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years Year 1, Year 2, and Year 3.

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