Question: During the taking of its physical inventory on December 31
During the taking of its physical inventory on December 31, 2014, Waterjet Bath Company incorrectly counted its inventory as $728,660 instead of the correct amount of $719,880. Indicate the effect of the misstatement on Waterjet Bath's December 31, 2014, balance sheet and income statement for the year ended December 31, 2014.
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