Question: After preparing the draft financial statements, it was discovered that stocks costing $12,000 were double counted. Which of the following statements describes the effects of

After preparing the draft financial statements, it was discovered that stocks costing $12,000 were double counted. Which of the following statements describes the effects of the error? i) Gross profit will be overstated by $12,000. ii) Total Assets will be overstated by $12,000. Statement i) Statement ii) Both statements None of the statements

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