Question: Can some please explain. I don't know how to get to the answer and why is it overstatement Multiple Choice Question 55 Your answer is

Can some please explain. I don't know how to get to

Can some please explain. I don't know how to get to the answer and why is it overstatement

Multiple Choice Question 55 Your answer is correct. 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: 2018 $66000 understatement 38000 overstatement 2017 Ending inventory Depreciation expense $45000 overstatement 25000 understatement Assume that the 2017 errors were not corrected and that no errors occurred in 2016. By what amount will 2017 income before income taxes be overstated or understated? $20000 understatement $20000 overstatement $70000 overstatement $70000 understatement

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