Question: Please provide the correct answer with steps The correct 2014 net income for Magness Company, after error corrections, was $56,000. Two errors were found after

Please provide the correct answer with steps

The correct 2014 net income for Magness Company, after error corrections, was $56,000. Two errors were found after net income was first reported. The January 1, 2014 inventory and the December 31, 2014, inventory were overstated by $5,000 and $10,000, respectively. The net income that must have been originally reported?

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