Effect of Errors in Physical Inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31 2078, Madison incorrectly counted its inventory as $813,380 instead of the correct amount of $837,780. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 2018, balance sheet of Madison River Supply Balance Sheet Items Understated/Overstated Inventory Amount Current Assets Total Assets Stockholders' Equity b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 2018 Income Statement Items Overstated/Understated Amount Cost of Goods Sold Gross Profit Net Income If uncorrected, what would be the effects of the error on the 2019 income statement? Income Statement Items Overstated / Understated Amount Cost of Goods Sold Cedy Workery Worker Previous 1225 PM 10/21/2020