Beta Company started the year with a balance of zero in supplies. It bought supplies of $1,580 during the period but erroneously recorded the purchase as $1,058. All of the supplies were consumed during the period of purchase. As a result of the recording error net income for the period will be overstated. Required 1: By how much is the net income overstated? $ Required 2: What is the year end balance of the supplies account? Calculate.

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