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Sheridan, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows: Assume that the proper correcting entries

Sheridan, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows: Assume that the proper correcting entries were made at December 31, 2020. By how much will 2021 income before taxes be overstated or understated? $2750understated$4500overstated$2750overstated$14650overstated

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