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The following scenario occurred after the books for 2009 have been closed: It has been found that the ending inventory for 2007 was understated by

The following scenario occurred after the books for 2009 have been closed:

It has been found that the ending inventory for 2007 was understated by $40,000. Net Income for 2007 was 1,600,000 and 1,800,000 for 2008.

Using the data provided above find:

- correct net income for 2007 and 2008

- effect of the error on the balance of retained earnings on december 31, 2008

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