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Waters Hardware reported cost of the goods sold as follows. Waters made two errors: (1) 2020 ending inventory was overstated $5,000, and (2) 2021 ending

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Waters Hardware reported cost of the goods sold as follows. Waters made two errors: (1) 2020 ending inventory was overstated $5,000, and (2) 2021 ending inventory was understated $8.000. What correcting entry would Waters make for error (2)? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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