Question: Reporting an Inventory Error in the current year, a company discovered errors in previously reported financial statements that overstated ending inventory on December 31 of

Reporting an Inventory Error in the current year, a company discovered errors in previously reported financial statements that overstated ending inventory on December 31 of the prior year by \$12.000, and overstated ending inventory on December 31 of two years prior by $18,000. Prepare the correcting entry required on janwary 1 of the current year, ignoting income taxes

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