Business, 24.03.2020 01:29 573589

Sunland Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors:

2017Ending inventory $20,000 expense 8,000 understatement2018Ending Invintory: $32,000 Expense: $16,000 overstatement

Assume that no correcting entries were made at 12/31/17, or 12/31/18. Ignoring income taxes, by how much will retained earnings at 12/31/18 be overstated or understated?

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Sunland Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 a...