Question: In the currentyear, a company discovered errors in previously teported financial stotements that overstated end ing inventory on December 31 of the priof year by

In the currentyear, a company discovered errors in previously teported financial stotements that overstated end ing inventory on December 31 of the priof year by 59.060, and overstated ending inventory on December 31 of two years prior by 512,000 , Prepare the correcting entry required on january 1 of the current year, Ignoting income taxes

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