Question: Can some please explain. I don't know how to get to the answer and why is it overstatement Multiple Choice Question 56 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 56 Your answer is correct. Blossom Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors: 2017 2018 $98000 understatement 36000 overstatement $46000 overstatement Ending inventory Depreciation expense 14000 understatement 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? $60000 overstatement $120000 understatement $98000 overstatement $32000 understatement

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